TRX Price Setting up for Bullish Move? Check Out.

August 22, 2018

The altcoin market has been suffering recently. Even on days when Bitcoin records good performances, altcoins have been subject to downward movement. Tron is an altcoin which has typically been subject to more volatile price swings due to a constant stream of bullish announcements from the team. Recently, there has been a lack of these announcements, and the price has been dropping along with the rest of the altcoin market.

However, some signs are currently indicating that price may be bottoming out for TRX and we could have a bullish outlook in the short term from here. Both price and RSI are forming higher lows in the market, showing more buying pressure currently. We also have the MACD converging and crossing its signal line to the upside showing that the selling momentum is dropping off. Price is currently trading around the $0.021 mark.

We can see much of the same on the hourly chart with price and RSI forming higher highs and higher lows. The spike yesterday in Bitcoin’s price also saw a spike in Tron. We have since seen a retracement and price is trading sideways around $0.021. Although many signs are pointing towards future movements being bullish, the outlook is currently neutral given the sharp downswings the altcoin market has been experiencing.

  • Outlook neutral
  • Many bullish signs but given altcoins markets downward movements this year, traders should be cautious
  • Both RSI and price forming higher highs and higher lows on the daily and the hourly charts
  • MACD converging and forming a signal line crossover to the upside on the hourly

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