By Dmitriy Gurkovskiy, author at RoboForex Blog
On Friday, December 13th, the Tron cryptocurrency stopped falling, trading around $0.0138.
On D1, the correctional growth ends and falling continues. It was additionally supported by a Black Cross on the MACD. The goal of decline remains at the fractal support level of $0.0110. A breakout of this level is not excluded, but a bounce off the support level and growth to $0.0200 looks more possible.
On H4, the quotations are moving along the resistance level, which may reveal the weakness of the current dynamics. At the same time, the Stochastic is forming a Gold Cross in the oversold area, which, in its turn, may signal a breakout of the local resistance line near $0.0141. The breakout can open the way to the projection resistance line and to the level of $0.0179.
This week has been stressful for the Tron, first of all, due to a steep decrease in the Coinmarketcap crypto rating. It slumped to line 14 in the rating, disappearing the investors. The day before, the capitalization of Tron had shrunk to $902 million form $947 million.
But this is not all. The Chinese network Weibo decided to block the account of the Tron founder Justin Sun. Finding this out, he spoke about the restoration of the account by addressing the social network directly. A bit later, a new Sun’s account appeared, but it was also quickly blocked by Weibo.
It seems that Weibo thought Sun was somehow breaking the rules of the network. It is unclear what will follow but the Chinese users are alert.
The CCID news, consisting of a new cryptocurrency rating, has not yet managed to balance the Tron. The cryptocurrency goes as number three, having decreased by one line.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.