TRON: The Battle For Top 10
One of the hottest cryptocurrencies in the industry in recent months was TRON (TRX). Many experts put it a the top of the list of cryptocurrencies to watch in 2019.
However, it didn’t perform so well lately. Nevertheless, there is a new report suggesting that TRX has the potential to grow.
We don’t live by Bitcoin alone. We also want to focus on a less recognizable cryptocurrencies. Because of that, we analyzed the rate of IOTA last time. Now, we want to look at TRON.
In the recent cryptocurrency rankings when it comes to market capitalization, TRON (TRX) was not one of the top ten digital currencies. However, thanks to the latest news related to the publication of the report from April 9 by the analytical website DApp (Decentralized Application), this may change soon. DApp.com informs that TRX has more dynamically developing user base than now decreasing the Ethereum base. It is worth looking at how these reports affected the volatility and mood of the investors.
Before this report, TRX finished the week with a considerable increase, while the next two weeks is the power of supply, which has led the market to the resistance from the beginning of the year. As we can see, the published data did not affect demand and even activated the supply side.
Analyzing TRXUSD from the perspective of a wider time interval, we can see the shaping of the reverse formation of the head with shoulders, and especially its right shoulder. The extraction from the narrow channel in which TRXUSD is currently located would confirm the upward forecasts for the dispersal of the demand side and the complement of the formation. In this case, we could expect increases to the previously determined resistance at 0.03500 and above 0.04000. On the other hand, the current downward investment climate is just as strong, which is proved by the retrieve to the bottom trend line.
If the sellers take the initiative, we can expect a return to the support line 0.01835, and in the long term even up to 0.01280. The upcoming moves will be crucial to determine the future direction of the market. Also, it is worth noting that TRXUSD from the beginning of 2019 steps in the designated side-motion channel. Despite the significant rebound between 13 and 15 May, which is a reflection of the wave of better sentiment on the market after significant increases in BTC, we could also quickly observe, how easy it is to return to downward pressure and rebalance in the area of resistance.
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