2018-8-28 17:16

Tron has recorded its sixth consecutive gain today as the cryptocurrency market as a whole record strong gains. Some altcoins are seeing double-digit percentage gains today. After recently dropping below $0.02, Tron is back trading near $0.027 as it prices in a marubozu candle today. Marubozu candles are candles with little or no wicks and a long body that are indicative of strong directional movement in one direction. Both price and RSI are forming higher highs and higher lows as there is renewed buying pressure across the altcoin markets. With bitcoin returning back above $7k today, this has been a strong buying signal for traders and investors across the market.

Tron Daily Chart

On the hourly chart, we can see the upward movements occurring on large volume for Tron showing some real strength behind the move. The RSI is currently in overbought territory but this is likely to have no impact amid the strong buying momentum. The MACD continues to diverge to the upside which signifies how strong the momentum is. When the MACD starts to converge, it will be indicative that the buying pressure is tailing off, but for now, consecutive rising candles are being priced in. Outlook is bullish for the near term but longer term is uncertain.

Bitcoin Hourly Chart

Key Takeaways:

Strong buying momentum as MACD continues to diverge to the upside Hourly RSI in overbought territory but this is unlikely to have any impact Daily Price and RSI form higher highs and higher lows Outlook is bullish in the near term but uncertain in the longer term 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.

Sixth Consecutive Gain for Price of Tron [TRX] was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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