TRON Latest Price Analysis- Feb 8, 2019- Bittorrent Airdrop Effect On Tron's Price Fading?
#1 Key Highlights
* TRX/USD price surged 10+% and in downside correction.\u2028
* $0.02554 support level broken.\u2028
* TRX/USD closed below 200-4H Moving Average (MA) after breaking it.\u2028
* Tested Ichimoku cloud's resistance but couldn't sustain it above.\u2028
#2 TRON Latest Price Analysis – Hourly (4H) Chart TRX/USD
Tron technical analysis today shows that it broke the short-term downtrend line(black) but couldn't sustain above it longer.
Let's look at the insights of Tron price analysis 2019 on its Hourly (4H)-timeframe chart.
TRX/USD moved 10%+ but it has been under downside correction for the past few days.It could be because of the Bittorrent airpdrop ,dated 11th February'2019, got over.
It tried to challenge the 200-4H Moving Average(MA) recently but couldn't sustain over it longer.Other bearish signs could be seen is that it closed and traded below ichimoku's cloud after testing it recently.
The short-term downtrend line (black), since 4th February ' 2019, needs to be broken in order to test the immediate resistance (red bar) around $0.026+. It has been testing the $0.026+ immediate resistance for the past two days. Tron's Elliott wave theory depicts that we are in the last wave of its complete cycle.
Also the previous support around $0.2539-$0.2558 broke which might lead to support turned resistance(S/R flip).
MACD is slightly turning bullish as well as Stoch-RSI is in oversold zone forming a bullish divergence which might cause the price jump in the coming days.But challenging S/R flip area along with immediate resistance(red bar) is necessary for Tron analysis meaning with bullish sentiments.
#3 Conclusion
Overall, TRON(TRX/USD) is under pressure after the BTT airdrop timeline got over and needs another catalyst to boost the price action in upward direction.