TRON has a neutral short-term trading bias, with the cryptocurrency rallying back towards its 200-period moving average on the four-hour time frame.
The four-time frame continues to show a large pattern, with TRX / USD buyers still unable to invalidate the .
Technical indicators on the four-hour time frame are and continue to point to further upside in the short-term.
Traders should note that the April 16th swing-high currently offers the strongest form of near-term technical resistance for the TRX / USD pair.
Relative Strength Index
The has turned on the four-hour time frame and shows scope for further upside.
The indicator has turned on the four-hour time frame and also shows scope for further upside.
Tron is making gains after its CEO Justin Sun made Binance an offer to deposit 7,000 BTC worth of USDT ($40 million USDT) to buy BNB, BTC , and TRX . This was done to ‘support’ the exchange (which had plenty in reserve) after hackers were able to withdraw 7,000 BTC from its hot wallet.
Yesterday, Justin Sun also announced that TRX will be back to Top-10 in June. Although this sounds like an attempt to pump the coin, it is still possible that Sun knows more than the rest of the market.
It is also possible that Sun continues to spout hype instead of substance. Last night’s ‘generous’ offer to cover the 7,000 BTC security breach at Binance, seems to be another of his thinly-disguised and regular taunts at other cryptocurrency community members.
Sun’s regular trolling of Ethereum figures, and his go-it-alone philosophy, may pay dividends if he can create substantial adoption of the cryptocurrency – or it may backfire, leaving TRON isolated in an industry that values partnerships.
TRON / USD Medium-term price analysis
TRON has a medium-term outlook, with the TRX / USD pair moving back towards key resistance on the daily time frame.
price divergence is still evident on the daily time frame, which could be reversed if the inverted pattern on the mentioned time frame is triggered.
Technical indicators on the daily time frame are starting to turn , following the latest rally in the TRX / USD pair.
TRX / USD by TradingView
Traders should note that the June 21st, 2018 swing-high is the initial upside target of the inverted pattern on the daily time frame.
Relative Strength Index
The indicator is still on the daily time frame and shows scope for further upside.
The indicator on the daily time frame has turned and is generating a buy signal.
In the medium term, the project looks speculative. Although it deploys an aggressive marketing strategy, its technology still suffers from security flaws. For example, the recently discovered security breach could have been used to shut down the network with just one computer.
TRON is attempting to recover trading momentum, with short-term buyers now needing to rally the TRX / USD pair even higher to invalidate the on the four-hour time frame.
If buyers can ignite the inverted pattern on the daily time frame a technical breakout rally is likely to occur over the medium-term.