Tron [TRX] Price Analysis: Focus on The Inverse Head-and-Shoulders Pattern

Tron price Analysis
Source: TradingView

Tron [TRX] Price Analysis: Focus on The Inverse Head-and-Shoulders Pattern

  • TRX/USD is among the few coins in the green following a 1.94% rise in the last 24 hours.
  • XRP/USD is likely to continue in an uptrend and even touch $0.035 before a reversal occurs.

Tron is the bull among the sloth of bears that seem to be returning for revenge following more than a week of incredibly bullish movements across the entire market. TRX/USD is among the few coins in the green following a 1.94% rise in the last 24 hours.

This is the third time that Tron is breaking above the 200-day SMA since the declines that last year in May. The last two breakouts were not that significant. However, the current bull strength displayed by cryptocurrencies across the market shows that there is more to come.

Tron Price Analysis
Chart Source: TradingView

TRX/USD Longer-term Overview: Daily Chart

According to the trends shown by the daily chart, TRX/USD has a long-term bullish outlook. The short-term 100-day SMA has maintained the position above the longer term 200-day SMA to indicate that the bulls have an upper hand in this market. Besides, the break above $0.030 meant that the buyers had increased their confidence. Moreover, the price corrected higher above $0.0.32 and formed a high around $0.03288 (around the levels of August 2018).

Also Read: Ethereum Price Analysis: ETH/USD Trending higher – Next Target is $200

The Relative Strength Index (RSI)

This indicator issued to gauge the strength of either a bullish or a bearish market. It also shows the incoming trend reversal in either direction. However, it cannot be used on its own to accurately predict the trend direction. The RSI daily at 63.09 is seen sloping downwards. The slope comes after the Indicator touches the levels at 70.00 due to the surge that began last week. At present, the signal from this indicator is bearish and could mean that the bullish momentum is fizzling out and bears are likely to come for revenge in the short-term.

Inverse Head-and-Shoulders Pattern

This pattern signals a trend reversal and is mainly used to indicate the beginning of an uptrend following a down sloping trend. The daily chart shows the formation of a long-term inverse head-and-shoulders pattern. The current gains are as a reaction to the pattern as seen on the chart. Therefore, XRP/USD is likely to continue in an uptrend and even touch $0.035 before a reversal occurs.

Key Indicators:

RSI daily chart: 63.09

100-day SMA: $0.02500

200-day SMA: 0.02235

Resistance 1: $0.03288

Resistance 2: 0.03500

Major hurdle: $0.0400

Support 1: 0.02900

Support 2: 0.0250

Support 3: 0.020019

Primary support: 0.0119

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Tron [TRX] Price Analysis: Focus on The Inverse Head-and-Shoulders Pattern
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Tron [TRX] Price Analysis: Focus on The Inverse Head-and-Shoulders Pattern
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TRX/USD is among the few coins in the green following a 1.94% rise in the last 24 hours. XRP/USD is likely to continue in an uptrend and even touch $0.035 before a reversal occurs. 
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John Isige 36 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read content. His main focus is on cryptocurrency price analysis and industry news coverage.