The recurring news all this year has been that the cryptocurrency market is under the bear’s hug. Even in those short periods in which Bitcoin has done well, most other coins (which usually follow Bitcoin’s trend) remain losing value and trading in the red. And that’s what’s happened with Tron’s Tronix (TRX) as well.
It hasn’t had any dramatic falls, but it’s been losing value since last December slowly, still steadily although, Tron has been reporting great news almost every single week. Paradoxically, those bullish announcements have only made fluctuations in price more frequent instead of causing a full take-off.
But a closer look into Tron’s technical market analysis indicators hints the other way. A bullish run could arrive for Tron soon and change the game. Buying pressure seems to be building up as attested by the higher lows in price and RSI.
There is also the current MACD behavior whose signal is going up and converging, a sign that experts consider as proof that selling pressure is lessening. The token’s price is at 0.020 USD as I write this article which is only a little lower than it’s been for the most part in the last few days.
Hourly charts show the same signs as longer-termed ones with higher highs and lows. Also, today’s rise in Bitcoin dragged up Tron with it a little.
So how good is this news, really? That’s good because some bullish signs are starting to show up in the market after the bears had dominated it for such a very long time.
But these are just signs, not guarantees. The outlook for Tron is changing from not very good to neutral. It’s not what Tron fans would like to see, but it could be the first necessary step in the right direction. So neutral in a market that is still going down, for the most part, is indeed good news.
These are the key ideas to keep in mind currently when thinking about Tronix (TRX):
- The outlook is moving to neutral. It’s a good thing, but not something to be overly optimistic about in the short term.
- Many altcoins are showing technical indicators consistent with an upcoming bullish run. At the same time, the market keeps steadily going down so there are still opposite signs that should prompt investors and traders to use caution.
- Both daily and hourly charts show higher highs and lows in RSI and price forming. These are the technical signs that point to a new bullish run.
- MACD is converging, and its signal line is crossing over upwards in hourly charts.
- The relevant question is: should these new bullish signs prompt investors and traders to start going for Tronix right away? At this point in time, that’s anybody’s guess, and every single trader will need to make up its very own mind after doing proper research.
On the other hand, this is the kind of market conditions that afford amazing opportunities for rational players as this is when you can buy almost any asset you want very cheaply.
So things could stay hard for quite some time yet, but a new bullish run for Tron (TRX), and some other top altcoins, too, will start at some point soon, and then those who bought now would be quite satisfied.
For the latest cryptocurrency news, join our Telegram!
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 thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Shane Rounce on Unsplash
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Can Libra help the crypto industry to reach new heights?
The market for cryptocurrencies started with the launch of Bitcoin in 2009, and since then, so many cryptocurrencies have been launched that it gets hard to keep track of them. The crypto market has seen massive growth in the past 3-4 years as it started gaining attention from mass media, which helped in this boom.
From the past 2-3 years, several new cryptocurrency projects were launching in the market. Amid all this, the social media giant – Facebook announced the launch of their cryptocurrency platform, and this news got viral like wildfire. The announcement came forward in June, and the upcoming cryptocurrency is known as Libra, and it’ll come with its dedicated wallet called Calibra.
What is Libra?
Libra is a permissioned blockchain-based digital currency which is being developed under the supervision of Facebook’s vice president, David A. Marcus. The cryptocurrency is under development in partnership with an independent, non-profit member Libra Association. Facebook is the second member of the project, and these companies aim to use Facebook’s user base for the promotion of the digital currency when it is launched. The transactions and the cryptocurrency will be managed and cryptographically entrusted by the Libra Association.
Note: Libra Association was established by Facebook to look after the cryptocurrency and the transactions, and it was founded in Geneva, Switzerland.
The development of…
Warren Buffett and TRON’s Justin Sun Finally Meet for Charity Lunch
Should You Invest in TRON in 2020?
CoinField Launches Sologenic Initial Exchange Offering
featured2 weeks ago
Altcoin Magazine has Rebranded as The Capital and 100x’ed its ambitions
Bitcoin2 weeks ago
5 Best Places to Bet with Bitcoin
Don't Miss1 week ago
Best Study Resources to Pass CompTIA SY0-501 Exam and How Should You Use Exam Dumps to Prepare?
Don't Miss1 week ago
Many of the Top Sports Betting Websites for 2020 Can Be Found On Boomtown’s Best Betting Page
Don't Miss1 week ago
Learn 2 Trade Launches Real-Time Crypto Signals Service
Don't Miss1 week ago
What Prevents Crypto from Becoming the Top Payment Method
Featured news4 days ago
5 reasons why you should use a brokerage exchange service to buy and convert cryptocurrencies
Bitcoin5 days ago
Trusted Crypto Tumbler To Protect Your Wealth