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.
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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 thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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