However, Tron has the advantage of being on a previous strong bull run. It surged by a total of 15% over the past 7 trading days, with a further price increase of 62% over the past 30. In comparison, Stellar has only managed to increase by a total of 35% over the past 30 days.
Let us continue to take a look at the TRX/USD market and highlight some potential areas of support and resistance moving forward.
TRX/USD – MEDIUM TERM – DAILY CHART
What Has Been Going On?
Analyzing the TRX/USD daily chart above, we can see that Tron managed to surge by a total of 65% from high to low in May 2019, and has continued to travel further higher in June 2019. As June 2019 started to trade, we can see that Tron managed to peak higher into resistance provided by a long-term bearish .382 Fibonacci Retracement level (drawn in red), priced at $0.039. The market has since fallen and is now trading at support around the $0.036 level.
The resistance between $0.039 and $0.04 will be significant moving forward.
Where Is the Resistance Above the Market?
Looking ahead, if the buyers can hold the current support at $0.036 and push the market higher, we can expect immediate significant resistance at the $0.039-$0.04 range. The resistance at $0.040 is further strengthened by a medium-termed 1.618 Fibonacci Extension level (drawn in blue).
If the bull can continue above $0.04, further higher resistance lies at $0.04153, $0.04363, $0.046, and $0.04798.
What If the Sellers Regain Control?
Alternatively, if the sellers continue beneath $0.036, further support below lies at $0.03390, $0.032, $0.03099, $0.030, $0.02940, and $0.02752.
Tron may have lost the 10th position to Stellar recently, but the two projects are still neck and neck in the rankings. Furthermore, Tron has the advantage of being on a stronger bullish run recently, relative to Stellar.
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