- TRON is continuing a positive trading rally
- The token with an earlier market rank of 30, has jumped up by one position due to its rise in popularity.
- The CMP is near to the token’s 1-month high price.
TRON gets an uplift after the recent dip in the market price and staying on the bullish rally ever since. The token with a market dominance of just 0.28% is becoming a favourite of the investors. Although there has been a decrease in its 24-hour trading volume by over 24%, one can say that this is a result of the panic sale by some of the retail investors.
Nonetheless, TRON is observing good days with its rival coins like BTC and ETH. The TRX/BTC pair is up by 4.62%, rounding off the value at 0.000001643 BTC during the intraday session and the same goes for the TRX/ETH pair with a value of 0.0000233 ETH, an intraday gain of 5.12%. The market capital of this cryptocurrency has also increased by 4.56% and has the potential to stay that way.
Talking about the parameters, the Moving Averages are creating a support system for TRX as the current market price is trading above these MA lines. The 20 MA line indicates a strong bullish zone for the short term. Other than that, the 50 and 100 MA lines are also pushing themselves upwards, predicting that TRON may cross its 1-month high price mark. After analysing the candles, the experts indicate that the frequent breakouts of the price can indeed be a good sign and shows the stable bullish momentum of the token.
Bullish Chart Pattern gives out hopes for TRON
In terms of any visual representation of an up climb, one can observe the occurrence of a ‘measured move up’ pattern in the 4-hour time frame chart. The MACD line has also sliced the signal line from bottom to rush to the top, showing the bullish trend and indicating a buying zone.
As for the RSI, the current value of 61.04 shows that TRON may get into an overbought zone by the end of the session, but can get back on its track. TRON may face resistance at $0.1056 at some time and support levels are drawn at $0.091 and $0.0956.
Conclusion- TRON has the potential to please its investors by continuing the upward trend. No reversal is yet to be seen on the way, but investors have been warned as the chances of a reversal are low, but never none. They are requested to conduct personal analyses of the assets and not solely rely on the market’s past performance.
Resistance- $0.1056
Support- $0.091 and $0.0956
