RATE Group | The 12th-Largest Cryptocurrency Continues to Range Trade
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The 12th-Largest Cryptocurrency Continues to Range Trade

31 Aug The 12th-Largest Cryptocurrency Continues to Range Trade

Posted at 23:54h in Cryptocurrency News by

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Ping Pong Tron Price

On Friday Aug 31, Tron (TRX) crept higher than the day before, but the momentum was already fading out by noon. The crypto is now trading at $0.0247, which is lower than early this week, says Dmitriy Gurkovskiy, chief analyst at RoboForex.

Technically, the overall long-term trend is still descending, and it will be this way until the price breaks out the major channel resistance. Meanwhile, in the short-term, a correctional trend is forming on H3, with the target precisely at the descending channel resistance. The price is now testing the short term channel support while trying to head upwards to reach $0.0312, which should be confirmed by golden crosses formed with the MACD and the Stochastic. At the same time, the support at $0.0223 may also be broken out, and at this rate the price may then start testing the key low at $0.0160 again.

On M30, there is a micro trend with the local support at $0.0238. The Stochastic is in the overbought territory and is forming a black…

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