2018-7-27 17:47 |
Tron’s price soared after the news was released that it was acquiring BitTorrent Inc. Typically, in the cryptocurrency markets news takes some days to price in fully but in this case, Tron has been back on a downward projection since meeting the $0.04 resistance which leaves us questioning whether the news is overhyped.
$0.04 has been an important long-term level for Tron, and although price soared on news of the acquisition, it failed to reach this point. Just before the news, the price of Tron looked set to be going downwards, and after three consecutive red days, we could be fast returning to that point. Lows of $0.032 were priced in before the news release, and Tron price is currently trading at $0.035.
Tron Daily ChartWe can get a clearer look at how price has reacted to the news from the 4hr chart. Price has been volatile and subject to swings as buyers and sellers battle over the underlying value of the project in light of the acquisition.
Price is currently trading below the 4hr 50 and 100EMA which could act as short-term resistance. $0.035 has been a significant point of trading in the past and is currently acting as some support.
Tron 4hr ChartOn the hourly, the price is trading below all significant moving averages (50, 100, & 200), and if we drop below the $0.035 support, a further and more significant drop could be in store. There is little pointing to an upward bullish movement at the moment, especially with the overall cryptocurrency market also suffering from consecutive days of losses.
Tron 1hr Chart Key Takeaways: Bearish outlook with the price soar on news potentially overhyped. $0.035 currently acting as support. 50 & 100EMA on the 4hr chart acting as resistance. We could be returning to pre-acquisition lows of $0.032 after three consecutive days of losses. 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.No Follow Up for Tron [TRX] Price After BitTorrent Acquisition – Overhyped? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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