Tron hugely outperformed on a number of days last week appreciating the most among major cryptocurrencies.
After falling back since Monday’s surge, Tron has formed a lower high as shown by the arrows on the above daily chart.
Whether Tron can continue to outperform is now questionable as a lower high is a bearish signal, but Tron has also been recently outperforming since it has traded above its 200 simple moving average (SMA).
The 200 SMA is used by many analysts to assess the long-term trend of projects, and Tron looks markedly more bullish now that it trades above this point.
On the shorter-term 4-hour timeframe, Tron is after forming a higher low leading to a more bullish chart pattern for near term price action.
The key levels to monitor include $0.028 to $0.031 above which was an area of consolidation for price action during bearish declines in mid-August.
On the lower side, $0.022 came into play as support on the last drop and also previously acted as resistance when price traded between $0.018 and $0.022.
- Tron forms a lower high on the daily giving rise to a bearish pattern. However, the price also trades above the daily 200 SMA which gives more bullish prospects for its price.
- On the short-term 4-hour price has formed a higher low giving further support to bullish price prospects.
- Key levels to monitor include $0.028 and $0.031 to the upside as well as $0.022 and $0.018 to the downside.
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