TRON TRX formed a harrowing technical sign which is a pivotal selling signal as the coin dropped in tandem with the rest of the crypto market over the past week as reported in the TRON crypto news.
The cryptocurrency dropped by 40% from its local highs around $0.05 but it then increased by 5.5% over the past 24 hours. Unfortunately for the TRX bulls, TRON TRX formed harrowing pivoting selling signal. The sell signal is a Tom Demark Sequential 9. The TD sequential is a time-based indicator that forms 9 and 13 candles once an asset has reached an inflection point.
The popular altcoin has undergone a rally over the past few months as the entire crypto market underwent a bullish reversal. Against Bitcoin, the TRX price gained almost 100% in a month. The bullish trend against Bitcoin may soon be reaching a local high. The TD sequential formed a pivotal sell signal on the one-week chart for the BTC pairing. The indicator formed a sell 9 candle suggesting that TRX peaked against Bitcoin.
The Tom Demark Sequential forms 9 and 13 candles when an asset reached an inflection point. This suggests that TRON is subject to a multi-week correction against Bitcoin which is in line with the sentiment that altcoins are primed to reverse once BTC undergoes a correction. TRON’s price action has responded well to the Tom Demark Sequential indicator. The TRX/BTC pair once hit the lows in March and formed a buy 13 candle that was formed and marked a multi-month reversal. Tron’s ongoing pivotal movement to decentralized finance could allow the asset to start a new correction.
The developers of the network and the Tron foundation were pushing the DeFi narrative over the past few days and there are now numbers of TRON-based Defi protocols that are mimicking the ones we saw previously on Ethereum such as how JUST mimics MakerDAO and how JustSWap mimics Uniswap. TRX could however, benefit a lot from the pivot on TRON as it is a decentralized blockchain for gaming and gambling to one decentralized economy.
TRX was pushing higher towards the end of August and managed to surge close to the $0.5 level in September. It was unable to close the daily candle above the $0.04 level and started to go lower.
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