While the entire cryptocurrency landscape has been treated to a broad-based sell-off over the course of the past 36-48 hrs, whereby the wrath of Mother Market wrecked havoc throughout, driving prices lower with a sea-of-red and in the process, inflicting meaningful technical damage, there has been a lone standout, whom has withstood the onslaught in relatively fine shape from a technical perspective.
As readers of Global Coin Report are well aware, we’ve been shedding light on the exemplary display of relative strength in the action of TRON (TRX) over the course of the past several weeks despite the slippery slope of the overall cryptocurrency marketplace.
Not only has TRX been able to avoid the broad-based selling pressure throughout, yet, TRON has been able to maintain its position, albeit, testing short-term support and bouncing back like a champion, while holding its 50-day moving average (blue line) as we can witness from the daily Chart below:
As we can observe above, while numerous cryptocurrencies have and continue to display poor relative strength and many find themselves trading below their 20/50 and 200DMA’s, TRX presently finds itself in far better shape from a technical perspective than most (a majority by far) of its brethren.
We can see from the daily chart above that TRX has and continues to trade above its 50 and 200DMA’s weathering the recent stormy sea’s and although its tagged the 50DMA, TRON has been able to hold the line in fine fashion.
In addition, when we zoom into the 4HR time-frame Chart below, we can also observe that TRX has held short-term potential support located at the .063 level, although, it has some further work to do before recapturing its 20 (yellow line) and 200DMA’s (red line) on the 4HR.
Thus, while far too many names throughout the cryptocurrency sphere have a tremendous amount of work and repair in order before their technical picture improves, TRX continues to lead the way via its persistent relative strength and in essence, remains ‘The’ leader amongst all at this juncture.
Moving forward, both investors/traders may want to monitor the following levels for further clues/evidence with respect to direction in the action of TRON.
If, at any time in the days ahead, TRX is capable of going ‘top-side’ of the .076 level and perhaps more importantly, the .085 figure with volume, such development, should it occur, would more than likely trigger a move into higher ground with a short-term objective in the .10-.11 zone.
If on the other hand, Mother Market were to reassert its wicked ways and deliver further downside pressure, both investors/traders may want to utilize the .06-.063 zone as initial potential short-term support, while more meaningful support resides at the .05-.056 area.
Nonetheless, while numerous have found the footing treacherous these past 36-48 hours, TRX has acted as a beacon of light via its ability to thus far weather everything delivered its way, while continuing to display excellent relative strength in a turbulent environment.
Therefore, for those seeking leadership, one may want to put TRX front-and-center on their radars for further monitoring as we navigate a slippery and difficult tape.
Happy Trading!!
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Norma Desmond1 via Flickr
Charts courtesy of tradingview.com
The post TRON (TRX) Technical Analysis – TRON Leads The Way – A Lone Ranger appeared first on Global Coin Report.
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