Recently Tron’s price crossed and spiked nearly 50% above its 200-day moving average in a strong bullish move.
TRX was the only major cryptocurrency to be trading above this long term trend indicator, but with the market taking a bearish turn over the last few days, TRX’s price has now retraced and is resting just above the 200-day MA.
It will be interesting to see whether the 200-day will act as support for TRX.
Tron is also looking forward to its upcoming niTROn event that starts on January 17. A continuation of bullish price action in TRX would likely further add to the excitement levels at the event.
Tron’s Price Pulls Back to 200 SMA
Buoyed by positive developments in recent weeks, Tron was trading as high as $0.035 on January 10, 2019, spiking nearly 50% above it 200 MA, based on data from TradingView.
However, the upward trend was not able to persist and the coin has now returned back to its 200 MA which can be seen on the chart (green line).
If Tron can continue to trade above its 200 MA in the near future, this is a bullish technical indicator for TRX and even for the wider cryptocurrency market.
Despite Tron’s price spiking higher almost exclusively among other top 20 cryptocurrencies, it may not be immune to a price decline if we see one in Bitcoin and across the wider market.
Some analysts say that Tron’s recent rise is due to the highly anticipated niTROn summit which will start on January 17, 2019.
According to Tron’s site, the two-day event will feature NBA star Kobe Bryant as one of its keynote speakers. After a stellar basketball career, the recently retired Bryant has transitioned into business and now owns a joint venture investment firm and a production studio.
Aside from Bryant, the niTROn summit will also feature other high profile speakers such as The Tron Foundation CEO Justin Sun, Swisscom Blockchain’s Jazz Kang, a former US SEC commissioner, Mar Finance CEO, OKCoin USA CEO and Tron representative who will discuss on the company’s upcoming projects.
The event will be held San Francisco’s Yerba Buena Center for the Arts. It should be interesting to see how the market behaves in the days leading up to the summit.