After a surge of more than 14% in a single day, Tron price breaks the previous monthly highs. Overbought! But the traders are still optimistic about the coin after the recent tweet by Justin Sun. Here is the Tron Price technical analysis for the mid-term time-frame.
08 October 2018- Tron price has hiked more than 10% at the time of writing, according to Bitfinex Exchange. The coin has a market cap of $1.77 Billion. In the last 1 Week, the price of Tron has increased by 21.10% ($0.004670) with a total volume of over $ 4.61 Million. The highest price of the coin i.e. $ 0.02817 was on Monday, 08 October 2018.
The price increase came hours before Tron founder Justin Sun announced that the network’s super representatives have achieved consensus and the Tron Virtual Machine is about to launch. The virtual machine is an important step for the blockchain. It will give developers the tools they need to create decentralized applications that read and execute smart contracts on the Tron network.
According to the recent tweet by Justin, Tron will be upgrading to Odyssey 3.1 at 8pm SGT and the coin will be 200 times faster vs. Ethereum, 100 times cheaper vs. EOS.
While other cryptocurrencies in the market aren’t performing well, there may be some changes soon. However, Tron looks to be in stiff competition with Monero and Cardano for the top 10 position in the crypto-market.
Tron Technical Analysis
Last week, the price of Tron was dropped below the $ 0.021 zone which was on 04th October 2018. Surprisingly in the last 24 hours, the coin increased more than 14%, traded above $0.027 with a market cap of $1.79 Billion. Much of its increase has been due to the rise in the trading volume of TRXBTC, even though Bitcoin itself hasn’t still recovered from the last few weeks.
Subsequently, the traders could see a higher price surge as it now has a large trading volume compared to last week.
As the chart below shows, the price of Tron breaks the previous highs which were on 28th August 2018. The 100 SMA line is above the long-term 200 SMA line which means that the path of least resistance is to the upside. This signals a bullish rally in the upcoming days. However, a small correction towards $0.024572, $0.022193 could be seen in few days.
The MACD(12,26) shows that the coin is trading in bullish territory. The daily RSI(14) indicator was at 66.866, suggesting that the coin was approaching overbought levels. Also, the STOCHRSI(14), William%R and CCI(14) signals that the coin gets to the overbought zone due to such hike in a single day. In addition, the ATR(14) indicator on the daily time-frame indicates the coin is less volatile to trade as the value is 0.0015.
- The Relative Strength Index(14) value is near 50 which signals “Neutral” in weekly time-frame
- The William%R signals the buying action on the short-term timeframe.
- MACD(12,26) – “Sell” signal in weekly charts.
- ATR(14) signals Tron is less volatile.
Tron Monthly Pivot Points
Tron has a monthly support at $0.0172 and resistance near $0.02696 levels.