TRON – ALTCOIN CHART ANALYSIS

TRX has been pumping up with decent volume in the last few hours. After not seeing any movement for days, the altcoins are getting some tailwind from bitcoin.

We are currently trading around $0.067, above the key 200 SMA (last 200 moving averages/purple) on the 4H chart. The RSI is already in overbought territory and could indicate a pullback.

It would then be important that we can hold the 200-SMA or correct it at most to the 200-EMA (yellow line). If we stabilize here, it looks good for a trend reversal on the smaller timeframes.

Tron has long left the downtrend on the daily chart. After we could see clearly increasing trading volume there, we got a nice retest on this former resistance line.

Since then, however, little has happened and we have continued to walk sideways. However, this is not desirable after such an outbreak and initially shows no strength in the market or at Tron.

The Daily-EMA Ribbons also provide additional resistance here. We are currently consolidating below them but have not managed to break them yet. If we can do this, with increasing volume, Tron could tackle the next target at around USD 0.07.

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