Tron [TRX] Price Analysis: Can Tron Continue its Bullish Movements?
Over the past seven days and also 30 days, Tron has been the top performer out of the top 10 cryptocurrencies by market cap.
Data from Messari shows its price increasing 7% and 33% over the past seven and thirty days respectively.
One of the main reasons driving this outperformance may be Tron overcoming its 200 simple moving average (SMA).
The 200 SMA is commonly used by analysts to identify the direction fo the long-term trend, and many may have much more bullish prospects for the price of Tron since it has started trading above.
The last price decline for Tron met support and this point, and Tron has been forming a series of higher highs and higher lows since a brief drop below the 200 SMA earlier in the month.
However, Tron has been approaching a major point of resistance at $0.028. $0.028 to $0.031 was an important area of consolidation for the price during bearish drops in August.
The last time the price of Tron rose above $0.028, it quickly found liquidity and rose to a high near $0.036 before quickly dropping back below $0.028.
Price is likely to find liquidity again if it re-enters the area between $0.028 and $0.031.
But whether the price can rise above $0.028 is another question.
Price has already tested the level a number of times which is a bullish sign as this weakens the number of sellers holding the level.
However, many top 5 cryptocurrencies such as XRP are currently trading above key levels, and a bearish drop below would like result in Tron also trading away from $0.028.
- Tron is the top performer of the top 10 cryptocurrencies over the past seven and the past 30 days.
- Tron trading above the 200 SMA could be playing a big role in the recent outperformance of Tron.
- However, Tron is currently meeting resistance at $0.028, and both bullish and bearish cases can be made for Tron overcoming this level.
Tron [TRX] Price Analysis: Can Tron Continue its Bullish Movements? was originally found on copy trading cryptocurrency | Blockchain News | Bitcoin News | blokt.com.