TRON (TRX) Full Recovery – Altcoin Season?

October 8, 2019 By: Lorenzo Stroe

TRON alongside other major cryptocurrencies has basically made a full recovery since the recent crash. The digital currency has been setting higher lows ever since the crash. TRON is currently trading at $0.0167 after a convincing bull move.

The bulls are in full control over the daily chart as they have created a really strong uptrend. The bulls had been struggling to see a convincing break above the 12-period EMA which proved to be a tough resistance. It wasn’t until yesterday that the bulls managed to break above it convincingly.

The 12% move followed by continuation clearly confirms a bull momentum on the daily chart.

The 4-hour chart is just as strong with an uptrend in place since pretty much the moment of the crash. The RSI is overextended which means the bears are likely to see some consolidation until the 12-period EMA.

The weekly chart has also shifted and now favors the bulls which are really close to the resistance of $0.01869. It is likely for the bulls to break above this resistance in just one move, without having to set a lower high. This would indicate a lot of strength for the bulls. There is, however, another resistance nearby, the 12-period EMA at $0.0169.

The monthly chart hasn’t changed that much as the top of the move is all the way up at $0.0409. The bulls need a lot more work here in order to change the trend.

 

 

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