Tron [TRX] Outperforms Amid Bearish Market Declines
Tron is once again outperforming among major cryptocurrencies.
Although the price has been declining with the market, it is holding its value better than peers and almost trading flat today.
A big factor to play in this outperformance could potentially be price surpassing the 200 simple moving average (SMA) earlier in the week.
The 200 SMA is often used by analysts to identify the direction of the long-term trend, and it is a much more bullish sign when the price is trading above it.
Steep drops yesterday seemed to meet support as it approached the 200 SMA.
Today’s candle is forming an inside with all trading taking place inside the high and the low of yesterdays trading.
The daily candle is currently forming a Doji which is a candle where the open and close are around the same point.
The bearish price movements yesterday broke through two expected support levels at both $0.031 and $0.028. $0.028 to $0.031 was an important area of consolidation during bearish drops in August.
Price came back up to test both levels after breaking below as seen in the above hourly chart.
The hourly chart shows more bullish price action forming for Tron.
Price has formed a higher low today as shown by the black arrow on the above chart, and the most recent candles have also been recording increases.
Resistance will be expected if the price can rise to $0.028.
- Tron among outperforming cryptocurrencies amid bearish market drops.
- Tron surpassing the 200 SMA earlier in the week could be playing a big factor in the outperformance being seen in Tron. 200 SMA seems to have come into play as a point of support at yesterdays low.
- Today’s daily candle is forming an inside day and also forming a Doji.
- The bearish price movements brought the price below key levels at both $0.031 and $0.028.
- Recent price action is looking more bullish. Resistance expected at $0.028 is the price can rise to this point.
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