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TRON course ultra bullish during crypto bear market

 


The TRON course is extremely bullish during the crypto bear market. TRON was able to rise around 79% against BTC in May.


TRON price increases by around 79% in May

The TRON course was able to rise around 79% against BTC this month. The TRON price is already above the 50-month EMA and is about to reach the golden ratio resistance at around 0.00000315 BTC. Should TRON fail again at the golden ratio of around 0.00000315 BTC, it will find support again between 0.0000014 and 0.0000017 BTC.


On the other hand, if TRON breaks the resistance, it could rise to the important Fibonacci levels around 0.0000045 BTC and 0.000007 BTC.


TRON price forms a golden crossover on the daily chart

In addition, a golden crossover is now establishing itself in the daily chart, which confirms the trend as bullish in the short to medium term. However, the golden crossover is not yet complete, the EMAs are about to happen. If that happens, TRON could rally to the golden ratio around $0.1. If TRON breaks this resistance, it will find the crucial golden ratio resistance at around USD 0.13. There it will be decided whether TRON can end the correction phase and initiate a new bull run.


Accordingly, TRON currently has an upside potential of around 23% or 60%. Hardly any cryptocurrency is currently as bullish as TRON. While most cryptocurrencies have been trending bearish for the past six months, TRON has been steadily climbing higher since February. It could be that TRON found its bottom as early as January.


On the daily chart, the RSI is giving neither bullish nor bearish signals, whereas the MACD histogram is ticking bearish lower today, with the MACD lines still remaining crossed bullishly.


Weekly close below 0.382 Fib level would be a bearish rejection

If TRON price closes below the 0.382 Fib level around $0.08, a bearish rejection would result. Then the TRON price could return to the 50-week EMA at around USD 0.072 in the short term.


In the weekly chart, however, the MACD is clearly bullish: the histogram is ticking bullishly higher, while the MACD lines are bullishly crossed. In addition, the RSI is also neutral here.


TRON price rose around 50% in May

Against USD, the TRON price has risen around 50% so far this month. Overall, however, TRON bounced off the support at around USD 0.058 four times in a row. The support between USD 0.047 – 0.058 has been very successful so far. It currently looks like TRON will break out bullishly and head towards the golden ratio resistances at around USD 0.1 and USD 0.13, respectively.


Only when TRON overcomes the golden ratio at around USD 0.13 will TRON be in a new bull cycle. Until then, TRON is still in a correction phase, even if it currently looks very bullish.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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