•TRX/USD is currently priced at $0.059 and has decreased 2% in the last 24 hours
•The trading volumes have increased 1% over the past day
•The technical indicators suggest a phase of recovery for the coin
Short Term View: TRON on the path to overcome the bears
The TRON price today is $0.059324 USD with a 24-hour trading volume of $1,138,653,372 USD. TRON Coin is down 2% in the last 24 hours. The trading volumes have been fairly stable over the last trading session, with only a slight gain seen in the trading volume metric. The Volume to Market Cap Ratio, on the other hand, stands at 0.1807.
The TRON coin is showing signs of resurgence as the bulls have not wavered in their endeavors to push the prices up. The bears have not completely vanished either, as is indicated by the altcoin transacting under its 4-hour 20-SMA and 50-SMA, indicating the existence of bearish effect. However, the 20 SMA has just crossed over the 50 SMA on the 4 hour chart, and this, coupled with the presence of large green candle on the daily chart, could kickstart the bullish rally that the altcoin needs to scale new heights. The upward movement could see the altcoin climb all the way towards the resistance placed at $0.062. A failed push, however, could see the bears staging a comeback and target the support level placed at $0.057.
Long Term View
The technical indicators for TRON Coin are pointing towards a rosy future for the near term. The RSI has recovered from the depths of the oversold region and stands poised at 41. On the other hand, a bullish crossover has recently been seen on the MACD indicator ,which bodes well for the bulls. The histograms have also turned green which could point towards good times for the coin. However, the increase in prices is needed to be supported by an increase in trading volumes as well, which would solidify the presence of the bulls.
Conclusion
The wider cryptocurrency market has been going through a rough patch, with the prices tumbling left and right. However, TRON has shown remarkable strength in warding off the bears and the near-term technical indicators point towards its reducing effect. So far, the bulls haven’t helped the revival with excessive buying and selling volumes, signaling a weak transfer on their half. This has the makings of a really good summer for TRON Coin if the bulls are able to firm up their resolve.
Support: $0.057-$0.055
Resistance: $0.062
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.