TRON last week
1. Proposed TIP92 draft to reduce the probability of producing empty blocks.
2. Announced the partnership with Bisbuit to build and distribute blockchain games.
3. The total number of DApps reached 611 with 7 new ones.
4 Simplex suport TRON
5 Opera integrate Tron wallet
6. Exchange Huobi now suported TRC20-USDT
Looking at the TRX/USD 1-day chart:
- TRX managed to rebound at the December 2018 low at around $0.012 in September 2019, preventing the cryptocurrency from creating a fresh multi-year low. Since rebounding, TRX managed to climb above the 100-days EMA to reach the resistance at the 200-days EMA at around $0.0212.
- From above; The nearest level of resistance lies directly at the 200-days EMA. Above this, resistance is expected at $0.022 (bearish .382 Fibonacci Retracement level), $0.023, $0.024, and $0.02521 (bearish .5 Fibonacci Retracement). Higher resistance can be located at $0.0255, $0.026, and $0.0273.
- From below: The nearest level of support is located at $0.02. Beneath this, support lies at $0.0189, $0.018 (100-days EMA), and $0.0175.
- The trading volume has seen a significant surge during the latest rally.
- The RSI has risen above the 50 level as the bulls dominate the market momentum. However, we should be cautious as the Stocahstic RSI is poised for a bearish crossover signal which could send the market down.
Looking at the TRX/BTC 1-day chart:
- Against BTC, TRX suffered in 2019 after decreasing by a total of 83% from the high, to reach support at 136 SAT, creating a fresh multi-year low for TRX/BTC. It rebounded from this support and managed to climb above the 100-days EMA to reach the current resistance at 215 SAT.
- From above; The nearest level of resistance lies at 220 SAT. Above this, resistance lies at 239 SAT (1.414 Fibonacci Extension level), 235 SAT (1.618 Fibonacci Extension level), and 263 SAT (bearish .382 Fib). This is followed by resistance at 270 SAT (200-days EMA), 300 SAT (bearish .5 FIb), 320 SAT, and 342 SAT (bearish .618 Fib).
- From below: The nearest level of support lies at the 100-days EMA at around 200 SAT. Beneath this, support lies at 180 SAT, 162 SAT, and 136 SAT.
- The trading volume has been increasing during the latest hike.
- The RSI has penetrated above the 50 level as the bills retain possession over the market momentum.
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