Tron (TRX) has been on the forefront of cryptocurrency enthusiasts since its advent, whether it’s good or bad news emanating from the blockchain. In the past few days and weeks however, has seen the token receive the best headlines in its development since it announced its main net earlier in the previous quarter. Since then, Tron Foundation, the keepers of life in the Tron ecosystem, has carried out the Super Representatives Election, met with the Twitter delegation and was one of the most searched cryptocurrencies in the month of June.
However, the impact has not been as effective on the price as expected with the market facing a huge sell off in the past couple of months. The hourly charts however give a different kind of story with the coin slowly having a bullish momentum. TRX has seen its price experience higher highs and higher lows in the past few hours as the price increased by 20% in the last 3 hours.
Technical analysis chart showing TRX/USD pair (15 minute chart)
TRX/USD Technical Analysis – June 2018
Tron (TRON) price against the dollar has continued to rise in the last few hours as the meeting between Twitter and Tron Foundation executives went public on Thursday. Looking at the 15 minute chart, TRX/USD price had a spike in price to $0.03314.
Morning Star formations
On the rectangle marked in the bottom right hand corner of the chart, a morning star formation has formed after the sharp downtrend prolonged by the bears in the market. The doji candlestick closed at $0.03141 from an opening price of $0.03133. The indecision shown in the market saw bears at one point push the price of TRX to new support levels at $0.03105.
The market has turned extremely bullish with the price soaring to $0.03314 in the past couple of hours giving a good sign to the TRX investors. The bullish TRX market looks to continue on the uptrend as the resistance level is approached at $0.03367.
Relative Strength Index
The oscillator is currently showing an overbought market on the USD pair at 69.56. This is showing the likelihood of the market facing a reversal soon and bears to regain control. This complements well the analysis seen on the morning star formations above. The bullish momentum will soon face a reversal on price as the resistance level is reached. The RSI is expected to drop as the buyers lose their momentum and sellers take charge.
The Stochastic RSI however is oscillating at the oversold level as the signal level crossed below the 14-day Stochastic RSI. This shows the possibility of the buyers increasing their momentum on the TRX/USD pair and break the resistance level at above $0.3400.
Tron (TRX) is currently ranked 11th on the Coinmarketcap listings as it saw its market capitalization hit $2,162,442,242 USD. The daily volumes traded on the coin stands at $164,413,000 USD as the market slowed down after a drop in BTC.