Analysis Technical

Tron (TRX/USD) Price Technical Analysis for 05/10/2018 – Where Buy Orders Are Waiting

newsbtc | May 10, 2018 | 3:49 am
technical analysis altcoins
Analysis

Tron (TRX/USD) Price Technical Analysis for 05/10/2018 – Where Buy Orders Are Waiting

newsbtc | May 10, 2018 | 3:49 am

Tron Price Key Highlights

  • Tron is still in correction mode as it waits for bulls to return at nearby support zones.
  • Applying the Fibonacci retracement tool on the latest swing low and high shows that the 61.8% level lines up with an area of interest.
  • If bulls are eager to charge, the higher Fibs might be enough to keep losses in check.

Tron is in correction from its recent upside break and rally, with bulls waiting at the Fibonacci retracement levels.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse. The gap between the moving averages is widening to signal strengthening bullish momentum.

Tron is currently testing the 100 SMA dynamic inflection point, which might be enough to keep losses in check and allow a move back to the swing high at 0.1000. A larger pullback could last until the 200 SMA dynamic support near the 50% Fib at 0.0600.

The line in the sand for a Tron correction might be the 61.8% Fib at the former resistance around 0.0500 to 0.0550. A break below this area could send Tron falling back to the swing low near 0.0300.

TRXUSD 4-hour Chart from TradingView

RSI seems to be treading sideways to signal consolidation, but it’s worth noting that the oscillator just made its way out of the overbought region to signal a return in buying pressure. Stochastic also seems to be pulling higher so Tron could follow suit.

Note that anticipation for the mainnet launch on May 31 is building up and could be enough to draw more investors in, provided all goes well of course. Tron has completed its airdrop of Ethereum to its network and market watchers are looking forward to seeing how it would fare on its own.

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