Tron (TRX)’s Price is Eventually Corrected – The Crypto is Aiming to Boost its Value

Tron’s price is steadily making its way up, and the Fib extension tool shows the next upside targets. So far, all the tech indicators are hinting at the idea that more gains are on their way to Tron.

Technical indicator signals

The 100 SMA went above the longer-term 200 SMA in order to confirm that the path of least resistance is to the upside. Long story short, it’s more likely to climb rather than to fall. Tron’s price formed and confirmed an inverse pattern to signal that there’s an uptrend on its way.

The appliance of the Fibonacci extension tool unveils the nest upside targets. Tron’s price managed to already surpass the 38.2% extension, and it’s closing in on the 50% extension at 0.05076. Stronger selling pressure could take the crypto up to the 61.8% extension or the 78.6% extension, 0.05400.

RSI is also moving up showing that there’s still some buying pressure left. This could be quite enough to keep the bulls under control until Tron’s price reaches the next potential resistance levels just before buyers book the profit. Stochastic is also moving up, and this means that Tron’s price could do the same.

The market’s current state following Bithumb’s hacking

Lately, the main cryptos in the market seem to be finally doing better after the bearish trend that took control over the market recently. The coins managed to get over the Bithumb hack news better than everyone expected especially if we compare this unfortunate event with the hacking of the smaller South Korean exchange that took place on June 10. Some voices in the crypto space claim that this happened due to reports saying that Tether was used to manipulate Bitcoin’s price back in 2017. This lead to the belief that the probe by US regulators could trigger the same results.

Overall, Tron’s price seems to have been corrected, and an upward journey is currently expected for Justin Sun’s crypto.

People Mentioned

Justin Sun

Founder of TRON (TRX)

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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