Tron [TRX] Returns to Price Outperformance After Bearish Drop
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.
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.
- 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.
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