The recent sell-off across the cryptocurrency market saw Tron drop below $0.02. Price dropped from $0.027 to around $0.017, a huge 37% decline. With prices starting to increase, the price of Tron is back approaching $0.02 again. The price of market leader Bitcoin has started to show some upward movements today, and prices in altcoins are outperforming.
Tron has increased 13% over the past 24 hours. The daily 50EMA is currently trading around $0.025 and moving downward. The 50EMA has long acted as a significant point of resistance and is likely to come into play as resistance in the event that Tron continues to rise.
On the hourly chart, we are seeing bullish movements. Price and RSI are forming higher highs, and higher lows showing buying pressure is increasing. Although RSI is currently in overbought territory, this is unlikely to have much impact as the momentum remains with the buyers.
The hourly MACD is also diverging to the upside showing that the short-term momentum is bullish. Price is currently approaching the 200EMA which may act as a resistance point. The outlook is short-term bullish and longer-term neutral for Tron. Investors and traders should closely monitor market leader Bitcoin to gauge longer-term movements.
- Tron price returning back toward $0.02 after steep declines over the past week.
- Near-term technicals are looking bullish, but price action might encounter some resistance at the hourly 200EMA.
- Hourly RSI and price form higher highs and higher lows along with the MACD diverging to the upside.
- For the longer-term outlook, traders and investors should closely monitor market leader Bitcoin.
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