Tron had been bearish over the past few weeks, but its recent surge on the charts could indicate the reversal of a downtrend. The next few trading sessions for TRX, therefore, will be crucial. NEM appeared to be at the beginning of a significant uptrend as it attempted to flip a level of resistance to support. Compound surged past its level of resistance and could be poised for further gains.
Tron [TRX]
Source: TRX/USDT on TradingView
The 20 SMA (white) was beneath the 50 SMA (yellow), which was in turn beneath the 100 SMA (pink), denoting bearishness in recent weeks. However, this could be set to change.
TRX sailed past the 20 and 50 SMAs, as well as the resistance at $0.026, It is possible that TRX closes above the 100 SMA in the coming hours, and could also be able to close above the resistance at $0.03. The Parabolic SAR also gave a buy signal.
The trading volume has not been extraordinary, but it has been slightly above average.
A close above $0.03 would be bullish, while a rejection at the same level would present an opportunity to short the price.
Recently, the Tron Foundation highlighted the strength of the TRON ecosystem in a post that showed that total transactions on the network had exceeded 1.2 billion.
NEM [XEM]
Source: XEM/USD on TradingView
XEM was trading at a level of importance at $0.116, at press time. After bouncing off the demand zone near $0.095 last week, XEM formed higher lows in the attempt to flip the $0.116 level to support.
The Directional Movement Index showed that a significant uptrend might be beginning, as both +DMI (blue) and ADX (yellow) moved past 20, signifying the strength of the trend, as well as its bullish nature.
If XEM closes successive trading sessions above $0.116, the bullishness would be reinforced.
In related news, Storj Labs announced a partnership with NEM and IoDLT to accelerate sync times for the Symbol platform.
Compound [COMP]
Source: COMP/USDT on TradingView
COMP rose past its resistance at $140 and looked set to test the next level of resistance at $152 in the coming trading sessions. The RSI also rose past neutral 50, and also bounced off the 50-level, indicating an uptrend in the short-term.
COMP can also retest the $140 support before an attempt at $152.
