It is astounding how the whole Cryptocurrency communities across various platforms , podcast , channels and pages ignored TRX all this while. Despite Market sentiments and skepticism, TRX within this week has made massive gains and increased its market capitalization to 1.9billion securing 8th position on the Coinmarketcap taking over Bitcoin SV and stable coin Tether position as the number 8th on Coinmarketcap as at Thursday JAN 10th,2019 jumping from the 10th position. According to Coinmarketcap, the percentage gains for TRX for the past 7days is over 46%. I wonder where those cryptocurrency influencers were when all these started popping because off late it was ripple (XRP) people talked about the fact that it disregarded market sentiments and did upsurge. Well, now all eyes on TRX as people believe this has just begun whiles others expect a little bit of correction as usual after every massive uptrend.
The TRX upsurge rally began after BitTorrent launched their token on the TRON Blockchain, as a matter of fact technically looking at the market right now every trader in a LONG position will definitely consider closing their position as we technically expect a little bit of correction but the TRX market seems to be going up regardless of market sentiments and what we are expecting, but technically speaking this is what’s happening right now; https://www.tradingview.com/x/fkWasH0u/
The movement seems to be approaching a resistance zone as we expect a correction on D1 chart, looking at the relative strength index, it is showing a complete overbought scenario here hitting the top peak 80 ratings and telling how overbought this TRX market is but regardless the rally continues and there nothing that signals the market is about to correct yet and to the extent of the RSI resting the 70 range and pointing upwards still.
Using the Ichimoku cloud with their moving averages and the clouds that signal for bears or bulls, the trend continues. The baseline and the conversion line acting as moving averages are still acting as support for the current trend as well as a bull cloud. As at now, price is trading above the moving averages and there is no sign that signals correction or whatsoever and since the upsurge, the momentum for the TRX market has managed to sustain, holding the uptrend and trading above the conversion and baseline that acts as moving averages and the cloud acting as a support. https://www.tradingview.com/x/IR6B5c06/
We hope to see by the close of the week what the market has in stock for us all.
I Am Crypto Ras.