TRON Price Analysis for 02/09: TRX/USDT Hammers the $0.02193 Resistance Level
TRON Price Analysis for 02/09: TRX/USDT Hammers the $0.02193 Resistance Level

By JP Buntinx | JdeCrypto | 9 Feb 2020


Most of the cryptocurrency markets have been a bullish 30-day period. Even the TRON price managed to gain nearly 50%, albeit it is still under plenty of market pressure.

The TRON Price Battle

Whereas most cryptocurrencies managed to gain 70% or more in the past 30 days, some markets take a slower approach. TRON is one of those markets, albeit a 49.8% increase is not shabby. Today, however, the TRON price momentum hasn't been too bullish. 

That is not entirely abnormal on a Sunday either. A 2.55% decrease in value is nothing more than temporary accumulation for speculators. Despite this pressure, the value per TRX remains near $0.0218, which is all traders can ask for. It seems unlikely that the TRON price will drop below $0.021 unless Bitcoin suddenly reverses course.

In terms of trading volume, TRON is doing quite well. It has ample volume, even on this Sunday. Over $423 million worth of TRX has changed hands, which is very promising. Most of the volume comes from HitBTC with its USDT, BTC, and BCH pairs. Binance's BTC and USDT pairs both rank in the top 5 as well. 

TRON/USDT Technical Indicators

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Bollinger Bands: On the daily TRON price chart, the Bollinger Bands are widening ever so slightly. That is a good sign, as it confirms there is ample liquidity. With no red candles in sight as of this writing, it seems likely to assume that the uptrend will continue for a while longer. That doesn't necessarily mean there will be big gains, however.

Moving Averages: Over a week ago, the MA20 crossed the MA200 in a bullish manner. It now appears that the MA50 will cross the MA200 in the next few days as well. Both of these averages are still moving up, indicating the momentum favors TRX at this time. 

RSI: For the past few days, there hasn't been any real change in TRON's RSI. The alternative currency remains in overbought territory, but that isn't necessarily a hindrance. In fact, it is another validation of how the uptrend will likely continue in the coming days, assuming key resistance levels can be overcome. 

Resistance Levels:  As of right now, the TRON price is hitting a resistance level at $0.02193. This level has not been broken yet, but there isn't an official rejection either. Further resistance levels are situated at $0.023 and $0.02324. It may take a few days until those come into play, however. 

 

Like this kind of analysis? Make sure to check out https://fintoism.com for daily market analysis posts!


JP Buntinx
JP Buntinx

Cryptocurrency and Fintech enthusiast @Jdebunt on Twitter


JdeCrypto
JdeCrypto

Cryptocurrency news, price preditctons, and analysis

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