|Jul 03, 2018 11:00 AM||By: Jinia Shawdagor | 7100 Views|
The 100 SMA is still under the longer-term 200 SMA to show that the path of least resistance is to the downside. This indicates that the selloff is more likely to return than to reverse.
Nevertheless, the gap between the changing averages is narrowing to signal to weaken bearish influence. This could also be symbolic of a new crossover later on, likely bringing more buyers in. The chart design spans 0.035 to 0.039, so the resulting rally could be of the same length.
RSI looks ready to turn lower after going overbought levels, probably leading sellers to return. Stochastic is also in the overbought region and adapting lower could bring the bearish pressure back in. A move below the neckline and moving equalizes dynamic delivery points could lead to another test of the 0.035 lows.
Tron and its fellow cryptocurrencies are off to a positive start for the section, likely as many investors remain to hold out hope for more developments until the end of the year. Also, Tron has completed its immigration away from the Ethereum blockchain as it had a coin burn and issued the TRX previously on hold.
With that, more investors could pass to Tron as the manner appears to have bypassed any significant glitches. Risk appetite is also sustaining cryptocurrency market as traders shift away from stocks and commodities exposed to a trade war.