Tron [TRX] Holds Strong Above Key Level
Tron has had a bullish start to 2019 as it has held above the point where price crashed in mid-November of 2018.
The end of 2018 was extremely bearish for almost every cryptocurrency, and Tron particularly crashed hard when it broke below support at $0.018 in mid-November.
It has since recovered above this level, and any drops close to this level have quickly met support.
The market overall has been bullish with many major cryptocurrencies forming ascending triangle patterns which are bullish trend continuation patterns.
Tron is currently recording its third consecutive daily increase and trades around $0.021.
If price can continue to increase from here, the next significant area of resistance to monitor is $0.028.
For the price to rise to this point, there will likely need to be continued bullish conditions across the cryptocurrency market.
The four-hour chart for Tron is showing that the short-term outlook is setting up bullish. Both the MACD and RSI are increasing indicating of increasing buyer momentum.
There is also an upward trend line forming, and the most recent candles price action has managed to overtake the losses of the three previous price action candles.
While overall market conditions remain bullish, the technical analysis for Tron is setting up for a likely outperformance.
- Tron price holds above a key support level at $0.018. This is the point where price crashed in mid-November.
- Shorter-term outlook is setting up bullish with an upward trend line forming and the most recent 4-hour candle overtaking the losses of the three previous candles.
- Both the RSI and MACD are also increasing on the 4-hour indicative of increasing buyer momentum.
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