Tron [TRX] Returns to Price Outperformance After Bearish Drop

european binary trading
Tron Daily Chart – Source:

Tron had been the best performing major cryptocurrency for a number of days prior to the bearish drops which occurred in the second half of last week.

This may have been due in a large part to Tron surpassing its 200 simple moving average (SMA).

The 200 SMA is often used by analysts to gauge the direction of the long-term trend, and when prices are trading above, many analysts have more bullish outlooks for it.

Price dropped back below the 200 SMA during the bearish declines of last week but has since surged back above with yesterdays bullish outperformance.

Tron was among the top performing major cryptocurrencies yesterday with an approximately 6% increase over the past 24 hours.

It underperformed Ethereum which recorded an over 10% increase in price.

Price met support at $0.022 after dropping below the 200 SMA.

$0.022 has previously been a point of resistance and was also the point of a bearish breakdown in price in mid-November.

Ethereum 4-Hour Chart – Source:

The next important level to monitor if the price can continue to increase from here is $0.028. $0.028 to $0.031 was an area of consolidation in mid-August during bearish declines and may come back into play as an area of resistance if price continues to increase.

Price met some resistance at this point during its last bullish movements but ended up breaking through and forming a high near $0.036.

Key Takeaways:

  • Tron among top performing major cryptocurrencies over the past 24 hours.
  • Tron has once again surpassed its 200 SMA which many analysts use to gauge the direction of the long-term trend.
  • If price can continue to increase from here, $0.028 is a key level to monitor.

Latest Tron News:

  • Tron [TRX] Price Prediction & Analysis: Price Is Close to Support, Does It Have Strength for Another Rally?

  • 117 DApps Now on the Tron Network, Says Weekly Report

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Tron [TRX] Returns to Price Outperformance After Bearish Drop was originally found on copy trading cryptocurrency | Blockchain News | Bitcoin News |