- The TRX coin falls by 2.08% while sustaining above the $0.08738 level.
- TRON dataset has been recently added to Google Cloud’s big query blockchain dataset.
TRON (TRX) is a decentralized blockchain that can execute a program using an international network of public nodes. It provides zero transaction fees and can perform 2,000 transactions per second.
TRON (TRX) Coin Price Analysis
The TRON coin price is at $0.08872 with a fall of 2.08% in the last 24 hours. It has been trading with an average 10-day trading volume of $217.802 million. The current market capitalization of the TRON coin is $7,936,802,671 and it has a circulating supply of 89,037,401,172 TRX coins.
Will the Bullish Trend Continue in the 1-Day Chart?
The TRX coin price is currently sustaining above the $0.08285 level after the breakout of the rising parallel channel. In the last 24 hours, the price has declined by 2.21%.
The 50 and 100 EMAs have started to slope in the upward direction and the price is also trading above both EMAs. This shows that the buyers are currently very active in the current scenario and have a stronghold over the price.
The RSI line was in overbought territory and recently entered bullish territory. However, the RSI slopes in the downward direction, indicating that the fall in the price could continue. However, the price seems to be very bullish in the current scenario. This shows a case of RSI-divergence where the price and RSI do not point to the same trend. In such cases, the indicators usually themselves so we could see RSI adjusting itself to co-relate with the price in the future.
As long as the price is sustained above the $0.08738 level, the price could rise to its resistance at $0.09432. If the price also breaks above $0.09432, then it may rise to its next resistance at $0.10015.
However, for the price to gain bearish momentum, it must close below $0.08738 after which it may fall to its support at $0.08285.
TRON Collaboration With Google Cloud Leads to Surge in Price
Recently, TRON announced that its dataset was added to the Google Cloud Big Query Blockchain Dataset. This resulted in a sharp surge in the price where the price increased by 3.94% in the trading session on 3rd October.
Conclusion
The TRX coin price is bullish as the price has recently given the breakout of the rising parallel channel and is sustaining above $0.08738. The technical indicators mentioned above are pointing toward a bullish market in the future. However, the RSI line is showing a case of divergence, indicating that a fall in price can happen in the near future.
If the price sustains above $0.08738 and forms a candle-like bullish hammer or engulfs the current red candle, it could rise to its resistance at $0.09432 and could also reach its next resistance at $0.10015.
Technical levels
Resistance Levels: $0.09432 and $0.10015.
Support Levels: $0.08738 and $0.08285.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only. They do not provide financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.