Tron has experienced a price hike totalling 3.95% over the past 24 hours of trading. The cryptocurrency is currently exchanging hands at a price of $0.0367 and has experienced a relatively steep price drop of 7.49% over the past 7 trading days.
Tron was created by Justin Sun to become a decentralised content sharing protocol based off of blockchain technology. The project has been subject to an overwhelming wave of publicity to due to Justin Sun acquiring BitTorrent and its 100 million subsequent users.
The project is currently counting down to the release of the Tron Virtual Machine as over 30 exchanges have now also resumed TRX withdrawals and deposits. Furthermore, last week we reported that Justin Sun intended to take part in the super representative elections for Tronix. This week we can confirm that Justin Sun has been elected as one of the Super Representatives for Tron as he received the 100 million required votes within a small 24 hour period.
Tron is currently ranked 11th in terms of overall market cap across the entire industry with a total market cap value of $2.43 billion. It is currently shy of $70million in market cap to be in the top 10, behind Tether, according to www.coinmarketcap.com.
Let us continue to analyse price action for Tron
Analysing the market from the short term perspective available above, we can see that the market had experienced a bullish run when price action started from a low of $0.033 on the 31st of March and extended to an all time high priced at $0.01 on the 30th of April. This was a price increase of over 250% from low to high.
After placing this high, TRX went on to fall, initially finding support at the .618 Fibonacci Retracement priced at $0.056 in May. This is a Fibonacci Retracement from the bullish run described above. It is imperative to highlight that this area of support also was bolstered by the 100 day moving average, hovering at the same price level.
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As June began trading, price cation fell below the .618 Fibonacci Retracement and consequently fell below the 100 day moving average also. The market continued to fall until it hit a downside 1.618 Fibonacci Extension priced at $0.032 in July. This is a Fibonacci Extension measured from the initially bearish swing seen in the first half of May.
Price action found support at this level and swiftly rebounded back to where it’s currently trading, at support, located at the .886 Fibonacci Retracement level priced at $0.036. If the bullish momentum can increase from this level we expect near term resistance to be located at the .786 Fibonacci Retracement priced at $0.044. The market will require significant momentum to push higher than this level due to the 100 day moving average hovering slightly above the area, currently around $0.046. If the bullish pressure can continue further, the 1.618 Fibonacci Extension is priced at $0.05 which should provide some more resistance.
Alternatively, if the bears step in for another wave of selling, we expect initial near term support to be located at the downside 1.618 Fibonacci Extension priced at $0.032. Further support below this level can be located at the March lows located around $0.028.
The RSI technical indicator is currently producing neutral readings at this moment in time. It is currently trading slightly above the 50 handle. If we are to expect a significant bullish run from this level we will need to see the RSI stay above 50 and slowly increase over time.
The moving average indicators are poised for a bullish crossover signal. If the 7 day EMA can cross. Up above the 21 day EMA this would constitute to a bullish crossover signalling that the bullish momentum is starting to gain traction.
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