Aggressive Bullish Move Signals Price Reversal

Please fol­low and like us:
Pin Share

On June 15, Tron’s price start­ed an aggres­sive move to the upside, which has seen it rise by 45 per cent. The two weeks bull run has also seen Tron cut its June loss­es from a drop of 43 per cent to the cur­rent 19 per cent for the month. 

Why is Tron Gaining in the Markets?

Tron is cur­rent­ly cel­e­brat­ing its fourth anniver­sary since it was found­ed. The cryp­to also announced through their Twit­ter account that they had sur­passed 100 mil­lion users on their plat­form. These two fac­tors may be bring­ing atten­tion to the cryp­to, result­ing in the cur­rent price gains. 

The cur­rent price gain may also be a result of the recent cryp­tocur­ren­cy indus­try resur­gence. In the past few days, the cryp­tocur­ren­cy indus­try has been com­ing to life again, with major cryp­tocur­ren­cies start­ing to make gains in the mar­kets. This includes cryp­tos such as Bit­coin and Ethereum, which a week ago, were hav­ing their worst per­for­mances in years.

Tron Price Prediction

On June 15, Tron set a new price low of $0.046 in the ear­ly hours of the trad­ing ses­sion. How­ev­er, the prices failed to break to the down­side, which start­ed an aggres­sive push to the upside that saw the cryp­to rise by 35 per cent. That day, the mar­kets closed with a net gain of 13 per cent. Although the next day was a strong, aggres­sive bear move of 6 per cent, the June 15 bull move set the pace for what was to come in the com­ing weeks. 

The next two weeks involved an aggres­sive bull­ish move that saw prices rise by 45 per cent since the June 15 aggres­sive bull run. Today, the prices are up by a per­cent­age point. The prices also look set to con­tin­ue with the two-week-long aggres­sive bull­ish trend. 

There­fore, using the price action of the past few weeks, I expect the cur­rent aggres­sive trend to con­tin­ue. My Tron price pre­dic­tion also sees a like­li­hood that the prices may hit the $0.084 resis­tance lev­el in the next few trad­ing sessions.

My analy­sis is based on the pre­vi­ous price action that has seen an aggres­sive push to the upside, which in most cas­es has enough momen­tum to result in more than a 5 per cent gain in a sin­gle trad­ing ses­sion. My analy­sis, how­ev­er, will be inval­i­dat­ed if prices trade below the $0.059 sup­port lev­el. At that point, the trend will have changed to bearish.

Tron Daily Chart

Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published.