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The Tron price has been trading in a range just below its significant long-term level of $0.03. This level has been a support level for a long time, but amid the recent cryptocurrency market bloodbath, the price of Tron dropped below, and we now seem to have a classic case of support turned resistance. There has already been a recent failed attempt for the price to rise back above. The trading around this range has been on low volume, and it seems unlikely that price will make a sudden surge above even given the rise in the markets today.

Tron Daily Chart

On the hourly, the price is trading at the 100EMA which seems to be providing some resistance. A centreline crossover to the upside has just occurred in the MACD, a bullish signal but it is questionable whether it can have much effect with the $0.03 level in close range. The last couple of candles on the hourly chart have been on below-average volume which shows that this rise might be coming to an end.

Tron Hourly Chart
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Key Takeaways:

  • Price is currently trading in a range just below the important level of $0.03. Is this the perfect opportunity for short sellers to take positions?
  • A sudden surge above $0.03 seems unlikely
  • Last two candles on hourly were on low volume indicating that the current rise could be coming to a conclusion
  • Centerline crossover to the upside occurred on the hourly but had little effect
  • Price appears to be experiencing resistance at the hourly 100EMA
DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

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