The market has had a surprising recovery in the last 48 hours, winning about $ 20,000 million in just about twelve hours, thanks to the momentum of its leading reference coin, Bitcoin, on Wednesday, initaiting a bullish rally. Now the market capitalization levels are about 191.61 billion dollars, with a rise of + 0.07% in the last 24 hours that has changed the board of the main cryptocurrencies to a 63/37 relationship between winners and losers.
The presence of an inverted wedge that could possibly be broken in the next few hours could undoubtedly mark a sustained recovery on the eve of Christmas for the vast majority of cryptocurrencies, as we observe the graph of total capitalization of the crypto market.
Bitcoin dominance has begun to diminish after a pull back that has taken it to levels lower than its key resistance reached at levels of seventy percent, and its exit from the overbought zone could be an entry with strength and opportunity to certain altcoins traditionally used by whales to multiply their capital. However, it seems to have run out of fuel to continue boosting the price of BTC.
Precisely one of those altcoins that seem to benefit from the movement of large investors is TRON. The cryptocurrency of Justin Sun at the time of writing is quoted at a price of $ 0.013285 according to Coinmarketcap.com, with an advance of + 3.17% in the last day that keeps it anchored in the thirteenth box of the general ranking.
Justin Sun’s cryptocurrency recently had new media coverage in almost all major media headlines, after Sun’s support for the initiative of a well-known climate change activist with a million dollars donated to the cause.
As a young entrepreneur, I share @GretaThunberg’s passion to change the world. Crypto will contribute immensely on reducing carbon footprint by implementing decentralized settlement. I would like to personally commit USD$1 Mil to @GretaThunberg ’s initiative. #cop25
— Justin Sun (@justinsuntron) December 18, 2019
Besides, the delivery of a complete SDK for the development of decentralized applications on Samsung devices has allowed the cryptocurrency to maintain good moment in the intraday quotation.
It's official -TRON blockchain is now integrated with Samsung Blockchain Keystore! Download the SDK https://t.co/nzQRo2A7l1 to build #TRON dApps on Samsung devices!
More details tomorrow at 12:30pm PST during my @Periscope livestream from #SDC19. https://t.co/WXSRozEnZq
— Justin Sun (@justinsuntron) October 29, 2019
Short Term Price Forecast of TRX
On Binance graph for TRX \ USD pair @ 1H, we observe that the cryptocurrency has managed to stop its fall that began on December 16. TRX, then trended from $ 0.01391 to the bottom of $ 0.0120 on the descending channel, and that made it go back a maximum of –13.70% within 43 hours.
Thanks to the good news and media coverage that coincided with the bullish rally of BTC that boosted confidence and recovery in the crypto market generally, a new wedge has since been formed, generating an ascending channel that even made TRX bullish to levels on top of 61.8% Fibonacci ($ 0.0137) in just nine hours.
The positive change generated a large Elliot wave of up to + 14.42% profit for those who managed to buy TRX in depth.
Now in the short term, the cryptocurrency has managed to break the immediate resistance to Fibonacci levels of 38.2% ($ 0.0130) that makes us think that overcoming the barrier already tested on a couple of occasions of EMA @ 150 periods could generate a second bullish rally up to levels Fibonacci at 50 percent. This would be a confirmation of the change in trend that TRX has been developing at the beginning of the ascending wedge formed on December 19.
The best scenario would lead us once again to the possibility of touching Bullish Fibonacci levels at 61.8%, a profit of up to + 5% from the breakdown of its previous resistance.
The technical indicators for the 1H chart are quite optimistic for Justin Sun’s cryptocurrency.
- Bollinger Bands show a trend break on a couple of occasions by TRX after successfully testing the upper Bollinger band on a small ascending staircase that for now maintains the viable entry option for the altcoin.
- The reduction of the cloud between the bands is a good sign that the price is sustainable for now and not the result of a change in extreme volatility induced by external factors.
- Aroon indicates that it is bullish with its bearish signal at the bottom of the chart and the bulls taking position of the TRX market.
- Stochastic has begun to show the direct positive trend change to the overbought zone, with values already close to 80, which denote the bullish rally that could come in the next hours for TRX.