The Big Test for TRON Buyers Above, While the 50 Weekly SMA Still Holds for Chainlink
The crazy bullish run of the first four months of this year in cryptos is over, as they crashed lower in the middle of May, following the crackdown in China. Cryptocurrencies might turn bullish again but we wonโt see that sort of rally anytime soon, since the global establishment is trying to fight cryptocurrencies.
So, cryptos will be here to stay, but it might take some time for them to resume the bullish trend again. They are trying though, with TRON gaining around 45% in the last two days, climbing from around $0.045 to $0.065.
Although, the big test for buyers comes at the 200 SMA (purple) on the daily chart. This moving average was providing support for about a month, as the 20 SMA (gray) was pushing the TRX/USD price lower.
After the breakout to the downside this week, now the 200 might turn into resistance, while the 20 SMA has also caught up, which should add further strength to the resistance, so we will see if buyers have enough strength to push above these moving averages. If they do, then the bullish momentum will pick up further.
The 50 SMA hold as support for Chainlink despite being pierced
The 50 SMA hold as support for Chainlink despite being piercedIn Chainlink, we see that the 20 SMA was acting as support on the weekly chart during the bullish trend. The reversal came in May for LINK/USD and the 20 SMA was broken, but the 50 SMA (yellow) held as support on this timeframe.
The price bounced off that moving average, although the 20 SMA turned into resistance now. Buyers couldnโt hold the price above that moving average and eventually it reversed back down, piercing below the 50 weekly SMA as well this week. But, there wasnโt a break, since the price pulled back up. So, the 50 SMA is holding as support now and we will see how this weekly candlestick will close, to judge if there will be a bounce higher coming soon.
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