TRON Technical Analysis- Feb 7, 2019- TRX Price Surged, Bulls Are back?

CoinSwitch | 07 February, 2019 | 2 min

#1 Key Highlights

  • Uptrend line since December'2018 broken.
     
  • Bearish signs indicate slight downward action expected.
     
  • Resting over 10D and 20D EMAs.
     
  • Bullish as long as it stays above Ichimoku cloud.
     

#2 TRON [TRX] Price Analysis – Daily Chart TRX/USD

If we look at the Tron technical analysis today then one can conclude that it's has shown strong progress upward marking over 150% of gains, while major large-cap coins Ethereum and Bitcoin are marking major losses recently.

Let's look at the insights of Tron price analysis 2019 on its Daily-timeframe chart.

The long-term downtrend line (red line), since 20th June'2018, has been broken in the month of December'2018 with strong buy volume (interests).It has crossed the 200-Days MA (moving average) with bullish cross-over of 10 and 20 EMA (exponential average) followed by breaking the Ichimoku cloud. It has been undergoing a healthy correction before the next surge with two support level(green bars) to look after-$0.021 and $0.018.

MACD and Stoch-RSI indicator showing signs of weakness leading to a further downfall in the coming days but that doesn't make it completely bearish.

Also, one can't overlook the fact that the long-term uptrend line (dotted) since 15th December'2018 has been broken on 31st January'2019 showing a further correction and completing the last wave of Tron's Elliott wave theory.

#3 Conclusion

TRON has been the top rising cryptocurrencies even though there was a significant drop in total market cap of the cryptocurrencies market.

Tron wave has been strong and Tron analysis meaning showed progress making it one of the few opportunities acquiring positive return in the course of the last two weeks.

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