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๐Ÿ“ˆ Daily TA: Tron (TRX/USD) | 09-01-2022

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cryptospa
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Hodl, dear members of LeoFinance!

Today, I would like to comment on the price chart of TRON.

So, let's start from the monthly time frame (MN), where TRX/USD formed a Shooting star in November - a common potential trend reversal candlestick formation that, usually, occur at the top of a price increase: After the shooting star, TRX/USD recorded a bearish candlestick in December. This is a confirmation that the bears continue to control the market and are trying to push the price further down.

The weekly time frame (1W) confirms the dominance of the bears as well. There is a sequence of candlesticks (mainly bearish ones) with descending local highs: As we know, according to the Technical Analysis theory, a sequence of lower highs is one of the key prerequisites for a downtrend.

However, the daily chart (1D) is a bit tricky. TRX/USD is starting to test the trend line: Actually, if we draw a line through the previous local lows we can see that the trend line is heading upwards. So, the uptrend still remains in place. Let's wait and see if the bulls will be able to reverse the decline at the trend line and if a rebound will take place. If it happens then the uptrend may resume.

For this to happen, first, in the 4-hour time frame (4H), TRX/USD has to break the Descending channel (downtrend): But, for now, it is obvious that the price continues its journey within the channel. That's why at the moment there is no potential bullish signal hinting at a potential uptrend renewal.

To be continued ...

As of the time of writing, one TRX costs 0,0666 on the Binance exchange, according to TradingView.

A few words about me:

Just to let you know: I've been working professionally as a currency analyst for the last 15 and a half years and as a cryptocurrency analyst for the last 4 and a half years.

Important!

Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency/commodity trades, investments and etc.

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