- TRON (TRX) coin’s price is moving in an uptrend in the weekly timeframe.
- TRX has given a return of over 39% in a year.
- The TRX coin has an average volume of $127 Million, as per CoinGlass.
TRON (TRX) represents a decentralized blockchain operating system that emerged through the efforts of the Tron Foundation in 2017. Initially, TRX tokens were constructed as ERC-20 tokens on the Ethereum platform. However, a year later, they transitioned to their own dedicated network.
The cryptocurrency TRX is presently on an upward trend. Its price has been forming a pattern of higher highs, accompanied by a notable increase in trading volume.
The current TRX price is $0.08, and it boasts an average trading volume of $127 million. Today’s market session has seen a substantial volume increase of 105%, signaling that buyers are actively entering new positions and indicating a potential price rise.
Additionally, TRX’s Open Interest (OI) stands at $79 million, experiencing a 7.9% increase in today’s market. This suggests that new positions are being established, further contributing to the positive outlook for the coin.
In January 2018, Tron (TRX) reached its peak at $0.30, following which its price embarked on a continuous decline. Within a relatively short period, the coin’s price plummeted by approximately 71%. However, it eventually found support at the $0.0069 level, facilitating a price recovery.
At present, TRX’s price exhibits fluctuations within a rising wedge pattern, a positive signal which implies the potential for further price increases in the near future. Furthermore, the coin has delivered a return of over 39% over the course of a year, indicative of its strong performance during the past year.
Tron (TRX) Price Analysis
TRX by writer50_tcr on TradingView.com
Technical Indicators’ Summary
TRX exhibits a setup in which the 50-day and 100-day EMA levels are below the current market price. This configuration implies a possible future price rise for TRX.
The MACD indicator for TRX is currently positioned above the signal line. This is a positive signal for the price and the formation of a green histogram is also identifiable. This increases the probability for the price to rise in the upcoming days.
Conclusion
As per the analysis, the price of the TRON coin is moving in an uptrend. The coin has given a [positive return of over 40% in a year. Additionally, the indicators give a positive signal for the coin. Thus, the price is likely to rise in the upcoming days.
Technical Levels
- Support Level – $1.088
- Resistance Level – $0.08
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
