Tron [TRX] Price Reverses After Outperforming

2018-11-30 18:19

The cryptocurrency has returned to bearish movements today as market leader Bitcoin drops back below the $4000 level. This downturn comes after an unexpected bout of bullish movement taking place across the market.

Tron, the smart contract platform which is a key competitor to Ethereum, outperformed during this increase. Several factors may have contributed to the increase including a software upgrade to the protocol and BitTorrent Pro beginning to accept Tron as a method of payment.

Tron is reversing today with the market and has moved from opening around $0.16 to an intraday low around $0.135. It has since begun to retrace back up and currently trades around $0.145. Even with this decline, Tron remains among the top performing major cryptocurrencies over the past seven days. Tron has increased 5% over the past seven days. The only cryptocurrency in the top 20 to appreciate further was Dash which recorded a 7% increase over the past seven days.

Momentum may still be with the buyers for Tron. The MACD has increased to cross its signal line to the upside, a sign of buyer momentum and typically a bullish signal. Today’s drop is on significant volume but less than half of the daily volumes over the past two days.

Tron Daily Chart – Source: Tradingview.com Key Takeaways: Tron is the best performing major large-cap cryptocurrency over the past seven days with the exception of Zcash. Tron reverses today but on lower volume. Its bullish movements over the past two days were on the twice amount of volume of today’s decline. Momentum may still be with the buyers for Tron. the MACD has increased to cross its signal line to the upside, a bullish signal. 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.

Tron [TRX] Price Reverses After Outperforming was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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