Tron (TRX) Price Prediction for Mid Term

2019-04-23T20:15:55.000Z Honest Cash

The price of Bitcoin has broken the key resistance reaching $ 5,600, a new high in 2019. This new level also adds more weight to the growing dominance of the cryptocurrency over the rest of the altcoins, with an amazing 53.7% dominance and in the middle of a bullish rally that promises to place BTC above the 100 trillion dollars of stock market capitalization.

This has consequently brought a mixed market with bullish positions for some projects, especially in the upper part of the top ten crypts and on the other hand, an interesting fight in the last positions of this ranking, with important corrections in Stellar prices, Cardano and Tron.

TRON (TRX)

The cryptocurrency of Justin Sun recently announced that it had managed to catapult the number of registered users in a little more than 8 million of registered wallets and that they had been able to obtain 50% of the USDT available in the market so far in 2019.

Despite these important achievements, TRON with its TRX token, presents a corrective scenario currently in the prices. At the time of writing the TRX cryptocurrency, it is quoted at the spot price of $ 0.0248 with a contraction of -1.6%in the last 24 hours and a market valued at just over $ 1.6 trillion dollars, which places it in position 11 of the global ranking.

In the current scenario, Tron presents a price correction that is expected to reach levels close to its immediate support of $ 0.0195 (S1), being its ideal time of entry for investors seeking to enter the range of $ 0.020 in depth.

As we can see in the previous graph, TRX is drawing its second wave to enter then an upward rally to its third wave of Elliot to levels close to R1 already reached, which would generate a profit to those who enter the point ‘D ‘up to 45% of profits.

The previous scenario is corroborated by Aroon Uptrend, which remains in the background, giving symptoms of a short-term resurrection.

To confirm the previous theory for TRX, we analyzed the moving average of the cryptocurrency for 30 and 100 days, whose cross indicates that a bearish cross is in development for a definitive correction of prices.

This is confirmed by RSI which is in the sales area and exactly matches the** Elliot Wave pattern**.

As we can see, this group of cryptocurrencies in the lower part of the top ten table of the general ranking present an excellent opportunity to enter profits in the short term.

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