Tron (TRX) flashed the golden crossover signal, which is widely considered a technical buy signal. The bullish case scenario for this cryptocurrency is also supported by the higher highs and higher lows price structure which signals that an uptrend could be developing.
Golden Crossover Signal
Most traders only learn to follow the 50 and 200 simple moving averages. However, not many traders know that the golden crossover signal can also occur when the 50-day moving average crosses above the 100-day moving average.
Since the 100 period SMA is faster than the 200 periods SMA, we can detect a shift in the general market direction much earlier.
Price Structure
TRX's price is now printing a series of higher highs followed by at least two higher lows, which signals that we're starting to move upwards.
Additionally, based on the RSI oscillator, TRX made a new high in momentum readings which confirms the bullish sentiment.
Looking forward: There is not much resistance to the upside until the $0.10 psychological number. On the flip side, we have a strong support level at $0.058. As long as we stay above this support level, TRX has the potential to reach the $0.10 milestone.
Golden Crossover Signal
Most traders only learn to follow the 50 and 200 simple moving averages. However, not many traders know that the golden crossover signal can also occur when the 50-day moving average crosses above the 100-day moving average.
Since the 100 period SMA is faster than the 200 periods SMA, we can detect a shift in the general market direction much earlier.
Price Structure
TRX's price is now printing a series of higher highs followed by at least two higher lows, which signals that we're starting to move upwards.
Additionally, based on the RSI oscillator, TRX made a new high in momentum readings which confirms the bullish sentiment.
Looking forward: There is not much resistance to the upside until the $0.10 psychological number. On the flip side, we have a strong support level at $0.058. As long as we stay above this support level, TRX has the potential to reach the $0.10 milestone.