2018-8-16 16:42 |
As the cryptocurrency market continues on its downward spiral, altcoins are suffering the worst, as money moves out into fiat or Bitcoin. After announcing an acquisition of BitTorrent a few weeks ago, Tron’s price briefly touched near $0.045 but is now trading under $0.02, more than a 50% loss in the space of just a few weeks.
Tron has been a notorious project due to the “shilling” of the coin through announcements, which has increased the volatility and caused many large swings in price. With the recent lack of announcements and the general bearish sentiment across the market, Tron has been suffering steep losses. $0.02 was speculated to act as a support for Tron, but with price currently trading below it, it could serve as resistance in the event that Tron undergoes a rise. The RSI is now in oversold territory, but this is unlikely to have much impact given the strong downward momentum.
Tron [TRX] Daily ChartOn the hourly, we can see the price of Tron is currently in a range. The low point is priced in at around $0.016. Outlook is strongly bearish, and the hourly 50EMA and 100EMA are likely to act as resistance in addition to the $0.02. Most candles which record a gain have been on low volume.
Tron [TRX] Hourly ChartKey Takeaways:
Tron continues on a downward spiral RSI in oversold territory but unlikely to have any impact amid the strong downward momentum Price currently trading in a range with the hourly 50EMA, 100EMA, and the $0.02 price point likely to act as resistance levels. 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 Trades Below $0.02 – Tron Continues on a Downward Spiral was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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