Technical Analysis and Recent News
Tron has shown some very positive developments recently with the launch of 100 million USD fund for game developers, and the upcoming BitTrorrent token launch plus airdrop in February. While fundamentally Tron looks very good, short-term price may take a slight dump as correction is due to find support at the key horizontal levels.
Overall, the current price action has been bullish since December. It was the first time since April 2018 that Tron’s price against USD had a clear breakout above the 55 EMA on 1 day timeframe. As long as the price of Tron is above 55 EMA on 1 D, we can expect the price to remain bullish.
As far as support is concerned, 0.02 USD is the next support level, but it seems price could breach this level to find support on the next level at around 0.017-0.018 USD. A breach below this level will reverse the bullish outlook for Tron. So, keep an eye out for these price levels.
In terms of important support and resistance lines, we can see that there are key resistance levels at 0.027 USD (Resistance 1), 0.034 USD (Resistance 2), 0.04 USD (Resistance 3) and 0.05 USD (Resistance 5).
The recent high of 0.034 USD is a very important resistance level and the price must get above this level to remain bullish in the coming weeks.
Analyzing the bullish action since December 2018 on 1 D timeframe, we can see the completion of 12345 impulsive cycles and the beginning of the corrective wave’s cycle of ABC around 15 December.
Looking at the Ichimoku Cloud on the 1D chart, we can see the conversion line falling below the baseline, which suggests short-term bearish. You can expect that the price of Tron will soon correct and find support in the upcoming green cloud.
Comment: Bullish traders should put stop-loss orders below the critical support levels at 0.017 USD as Tron will enter bearish territory below this price level.
Disclaimer by the Author:
This is not investment advice or promotion to ICO or Cryptocurrencies or any other investment in any form. These views are based on Author’s own research and readers must execute caution & suggested to do their own research during any investments.