TRX Formed Textbook Bear Signal Despite Altcoin Market Rally

TRX formed a textbook bear signal despite the strong rally on the altcoin market as the coin was a sleeper over the past weeks. While TRON rallied just as other digital assets with Bitcoin and Ethereum, it was not focused on by many analysts, so le’ts find out more in the TRON TRX news.

According to Tom Demark Sequential, the popular altcoin was on the verge of reversing to the downside after the rally. Some analysts believe that Tron is actually on the verge of a huge upswing that is triggered by months of consolidation. Tron could be suppressed by BTC which could lead to the crypto asset market with attempts to set new local highs.

According to a Telegram channel that tracks signals formed by the Tom Demark Sequential, Tron is primed to move lower in the upcoming days. The channel shared the charts where it can be seen that the TRX-USD pair on Bitfinex formed a “Sell C-13” according to the TD sequential suggesting a bearish reversal is upcoming. The indicator is a time-focused indicator that printed the 9 and 13 candles at inflection points in the trend of the asset. It is also important to note that the previous Tom Demark Sequential signals for Tron didn’t play out. The last candle was followed by a 15% rally while the last 13 candle got into a bearish reversal.

Wouldn't surprise me to see dominance now rise until BTC all-time highs (pending a confirmed Weekly breakout above $10,600) > break $20k and alts find another bottom (like Nov/Dec 2016) > they rally concurrently like March-June 2017.

— Nik Patel (@cointradernik) July 27, 2020

Analysts are expecting for TRON to break higher rather than to retrace. Three traders noted that TRX is primed to rally higher as it crossed the pivotal resistances in the $0.021 range:

“$TRX Looks almost ready, I reckon it could start moving next week, if that doesn’t happen, and we get more accumulation, we have another pivot coming Sept. 28th.”

The strength in the BTC price could also suppress any opportunity for Tron to get into another rally. The author of the “An Altcoin Trader’s Handbook” Nik Patel, explained that altcoins could underperform Bitcoin until BTC sets a new all-time high. Patel is an altcoin trader who garnered a lot of attention due to his calls on the segment of the crypto market:

 “Wouldn’t surprise me to see dominance now rise until BTC all-time highs (pending a confirmed Weekly breakout above $10,600) > break $20k and alts find another bottom (like Nov/Dec 2016) > they rally concurrently like March-June 2017.”