Tron technical analysis today shows that it broke the short-term downtrend line(black) but couldn't sustain above it longer.
Let's look at the insights of Tron price analysis 2019 on its Hourly (4H)-timeframe chart.
TRX/USD moved 10%+ but Tron wave has been under downside correction for the past few days.It could be because of the BitTorrent airdrop, dated 11th February'2019, got over.
It tried to challenge the 200-4H Moving Average (MA) recently but couldn't sustain over it longer. Other bearish signs could be seen is that it closed and traded below Ichimoku cloud after testing it recently. It is in the last wave of the final cycle of Tron Elliott wave.
The short-term downtrend line (black), since 4th February ' 2019, needs to be broken in order to test the immediate resistance (red bar) around $0.026+. It has been testing the $0.026+ immediate resistance for the past two days. Tron's Elliott wave theory depicts that we are in the last wave of its complete cycle.
Also the previous support around $0.2539-$0.2558 broke which might lead to support turned resistance (S/R flip).
MACD is slightly turning bullish as well as Stoch-RSI is in oversold zone forming a bullish divergence which might cause the price jump in the coming days. But challenging S/R flip area along with immediate resistance (red bar) is necessary for Tron analysis meaning with bullish sentiments.
Overall, TRON(TRX/USD) is under pressure after the BTT airdrop timeline got over and needs another catalyst to boost the price action in an upward direction.
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2019-08-08 06:46:25.741920 | 2 min