Tron Price Movement Analysis for 4th April, 2021

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In the cryptocurrency industry, excessive uncertainty has had a long-term effect on the price of the digital commodity. This uncertainty was evident in the Tron [TRX] altcoin market, as its price has seen a significant increase in value over the last few days.

The data indicated a 92 percent increase in valuation from $0.0629 to $0.1209 in four days. TRX was worth $0.1150 at the time of release, with a market capitalisation of $8.44 billion.

Tron 6-hour chart 

The Tron chart above shows that the digital commodity was trading around the $0.0473 price range for a long time before experiencing a dramatic spike and shooting past different levels of resistance.

The boom was already going on at the time of publication, and the market might be heading for a short-term reversal.

Reasoning

The divergence of the Bollinger Bands showed the market’s high uncertainty. The bands were well away, but the signal line and the 50-day moving average stayed below the price bars. This was an indication of a deep bullish economy. However, since this value has not been checked enough, the price can reverse.

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The Relative Strength Index [RSI] remained close to neutral during March, however by the end of the month, more investors had entered the market. This moved the digital commodity close to the overbought region, but a reversal brought the stock back into balance. However, TRX was currently well above the overbought level, suggesting an imminent correction.

Crucial levels

Entry-level: $0.1089
Take profit: $0.0816
Stop-level: $0.1221
Risk to Reward: 2.08

Conclusion

The TRX market was currently oversaturated with consumers. Traders may want to create short positions if the market experiences a price reversal.

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