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Tron / USD Technical Analysis: Caught Adrift

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  • TRON has turned bearish over the short-term, after slipping below its 200-period moving average on the four-hour time frame
  • The four-hour time frame also shows a large symmetrical triangle pattern
  • The TRX / USD pair’s medium-term outlook remains bullish, with the cryptocurrency still holding above its 200-day moving average

TRON / USD Short-term price analysis

 

In the short-term, TRON has turned bearish, with the cryptocurrency now trading below its 200-period moving average on the four-hour time frame. Price-action has also turned bearish, with the TRX / USD pair making bearish lower highs and lower lows.

A large symmetrical triangle pattern has formed across the four-hour time frame, with the TRX / USD pair trading dangerously close to key trendline support. Technical indicators are starting to turn higher on the four-hour time frame, as bulls attempt to stage a recovery from trendline support.

 

 

TRX / USD H4 Chart                                                                         (Source: TradingView)

 

 

Pattern Watch

Traders should note that a short-term directional breakout is looming, with the triangle pattern becoming increasingly narrow on the four-hour time frame.

 

MACD Indicator

The MACD indicator is currently generating a bullish trading signal on the four-hour time frame, with the signal line and the MACD histogram turning higher.

 

Relative Strength Index

The Relative Strength Index is attempting to recover higher on the four-hour time frame, with the indicator moving above neutral.


TRON / USD Medium-term price analysis

 

TRON retains its bullish outlook over the medium-term, with the TRX / USD pair holding above its trend defining 200-day period moving average since early January 2019.

The daily time frame shows that bulls have so far failed to ignite a large inverted head and shoulders pattern, despite numerous technical attempts to break above neckline resistance. The mentioned time frame also shows that bullish MACD price divergence is present on the daily time frame from last year, with a move towards the June 5th trading high needed to reverse the bullish divergence.

Technical indicators on the daily time frame are drifting lower and highlight that the TRX / USD pair remains under slight downside pressure, following the recent rejection from the neckline of the inverted head and shoulders pattern.

 

 

 

TRX / USD Daily Chart                                                                         (Source: TradingView)

 

 

Pattern Watch

The bullish inverted head and shoulders pattern remains the dominant theme across the daily time frame.

 

MACD Indicator

The MACD indicator is also bearish on the daily time frame with both the signal line and MACD histogram moving lower.

 

Relative Strength Indicator

The RSI indicator remains bearish and is showing that the cryptocurrency remains under downside pressure.


Conclusion

 

TRON is growing increasingly bearish over the short-term, with the cryptocurrency at risk of breaking under a triangle pattern on the four-hour time frame.

The presence of bullish MACD divergence on the daily time frame and the inverted head and shoulders pattern suggests that the TRX / USD pair has the potential to stage a strong rally, although bulls soon need to ignite the bullish pattern on the daily time frame, or the cryptocurrency could start to drift lower.

For an introduction of the TRON project head over to our coin guide here.

TRON Chart

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DISCLOSURE

Authors at Crypto Briefing are invested in cryptocurrencies. The author of this post may be invested in digital assets mentioned here.

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