•TRX/USD is currently priced at $0.064 and has increased by 3.38% over the past day
•The trading volumes have increased by 49.51% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Long road lies ahead for TRX bears to overcome hurdle
The TRON price today is $0.064340 USD with a 24-hour trading volume of $349,691,615 USD. TRON is up 3.38% in the last 24 hours. The trading volumes have increased over the past day amid increased investor activity whereas the Volume to Market Cap Ratio stands at 0.05887 for the altcoin.
TRON has been in a consolidated uptrend over the past few weeks as it has remained elusive to the bears as they struggle to come to terms with the altcoin. TRX Price is currently transacting above the 20,50 SMA on the four hour chart, which suggests that the buyers have joined in huge numbers. The resumption of the uptrend could take the altcoin beyond the resistance level placed at $0.070 in the near term. The positive view, however, will be invalidated if the bears rear their heads again in the market, an event which will prove to be detrimental for the immediate prospects of the altcoin. The influx of sellers in the market would plunge the asset below the support level placed at $0.060.
Long Term View for TRX
TRON has been on an upward trail for the past couple of weeks as the asset has gone from strength to strength. The large green candle observed on the daily chart further lits a fire in the bulls’ aspirations. The green histograms are increasing in size and the MACD line is transacting in the positive territory, with the signal line likely to follow suit in the hours or days ahead. The RSI for TRX, on the other hand, is currently placed at 63.86 as the asset looks to go on an offensive and enter the overbought territory.
Conclusion
The TRON analysis shows bullish dominance in the near term, which is complimented by the charts showing higher buying pressure for the asset over the said time frame. Hence TRX is likely to continue on an upward trail in the days ahead.
Support: $0.060
Resistance: $0.070
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 the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.