The recurring news of all this year has been that the cryptocurrency market is under the bear's embrace. Even in those short periods when Bitcoin has done well, most of the other coins (which usually follow the trend of Bitcoin) lose value and exchange themselves in red. And that's what happened with Tron & # 39; s Tronix (TRX).
It has not had dramatic drops, but it has been losing value since last December slowly, still constantly, though, Tron reported excellent news almost every week. Paradoxically, these bullish ads have only made the most frequent price fluctuations instead of causing a full takeoff.
But a closer look at the technical analysis indicators of the Tron market suggests another way. A bullish run could come early to Tron and change the game. It seems that the pressure of purchase is consolidated as attested by the highest price levels and RSI.
There is also the current behavior MACD whose signal is rising and converging, a sign that experts consider a test the selling pressure is decreasing. The coin price is at $ 0.020 as I write this article which is only a little lower than it has been for most of the last few days.
The hourly charts show the same signs as the longer ones with higher highs and lows. Also, today's rise in Bitcoin has dragged a little Tron with it.
So, how good is this news, really? This is positive because some bullish signals are starting to appear on the market after bears have dominated it for so long.
But these are just signs, not guarantees. The prospects for Tron are changing from not very good to neutral. It's not what Tron's 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, it's really good news.
These are the key ideas to keep in mind when thinking of Tronix (TRX):
- Perspectives are moving towards neutral. It's a good thing, but it's not something overly optimistic in the short term.
- Many altcoins are showing consistent technical indicators with an upcoming bullish run. At the same time, the market continues to decline, so there are still opposing signs that should encourage investors and traders to use caution.
- Both daily and hourly charts show higher ups and downs in CSR and price formation. These are the technical signs that indicate a new bullish run.
- The MACD is converging and its signal line is traversing upward in hourly charts.
- The relevant question is: should these new bullish signals prompt investors and traders to start going for Tronix right away? At this point in time, this is the case for anyone, and every single trader will need to come up with his own idea after doing appropriate research.
On the other hand, this is the kind of market conditions that offer incredible opportunities for rational players because it is when you can buy almost all the goods you want very cheap.
So things could stay tough for a while, but a new bullish run will begin for Tron (TRX), and some other top altin at some point soon, and then those who bought now they 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 a thorough research before investing in any cryptocurrency and read our complete disclaimer.
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