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price Technical Analysis TRON TRX trx price

Under Correction But Still Strong


The price of Tron’s TRX is going down Tuesday, with a correction move sending it to $0.0264.

The overall technical trend is ascending, while some time ago, a large upward move ended with a MACD divergence and a strong fall. This could well be a bearish correction that nearly reached 61.80% Fibo. Currently, the crypto started going up, forming a zigzag; this may be a new uptrend, although in case the support is tested and broken out, the price may again fall down to reach $0.0239, and then $0.0205 and $0.0164, or 61.80% and 76% Fibo, respectively. This could be especially possible if the MACD forms a black cross.

On H1, TRON is testing the local support, which will probably lead to a short term bounce to $0.0300.

Tron TRX News

TRON has been quite rich with news and events lately. On Jan 28, a new BitTorrent Token based on TRON blockchain was launched. The ICO lasted for only 15 minutes, with 59.40M tokens sold.



Justin Sun, the TRON’s CEO, is quite famous for his aggressive marketing policies, For new projects, he invited Dash and Ethereum devs, thus maximizing the team’s potential. This is quite unusual for the crypto market, as people mostly tend to work for the longer term and spend a lot of time and research to achieve the goal, rather than aggressively promote tokens, but this is actually what Sun opted to do.

After going heavily up, TRON reached the 7th place in the most in-demand crypto rating, its market cap being slightly over $2M and still growing. Although a correction jumped in to prevent the crypto from rising, TRON has still been the most powerful altcoin over the last month.

There are some things that may spoil the positive outlook for TRON, though. First, the longer term in the crypto market is still negative. Second, some expectations are playing against cryptos as well. Nouriel Roubini, a famous economist, says the cryptos are bound to fail, having no resource to challenge the digital banking, especially CBDC, which can decrease the investor interest in the cryptos heavily.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

By Dmitriy Gurkovskiy, Chief Analyst at RoboForex





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