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- Tron price is currently in a consolidated mode above its support zone. Meanwhile,the asset price has seen a decline of 1.53% in the intraday session
- Technical indicators of TRX suggest a downside momentum for the future.TRX/BTC pair has seen a loss of 0.78% in the past 24 hours.
Tron has been in the news for beating Bitcoin and Ethereum for beating them in the energy saving department.Tron uses only 162,868 kWh of energy which is 99.9% less than Bitcoin. It has been good news for Tron as Crypto mining has been a hot topic in the recent session.Meanwhile, USDD has been seeing a wide increase of adaptability. The current circulating supply of the asset is 92.39 Billion. Various analysts are predicting an increase in TRX price in the future.
Tron is currently ranked 15th in the crypto verse and has a market cap of $5,692,195,053. The current volume of the asset has seen a decline of 13% in the past 24 hours. The volume to market cap ratio of the TRX hints towards a consolidation in price.
Technical Indicators Are Not Favoring Bulls Or Bears
The weekly technical chart of the TRX suggests a consolidated trend in price for the future. On coming to the daily chart the asset has been trading near the value of $0.069 with a loss of 2.07%. The upside momentum of Tron can see a halt near $0.1. Meanwhile the support of the coin can be seen near $0.03. The asset price is currently trading below the 50 and 100 Daily Moving Average. If the asset price crosses above the 100 DMA then a new high can be seen in the future.
RSI: RSI of the Tron is near 35 suggesting its presence in the neutral zone. The overall sentiment of RSI based in the slope is neutral.
Conclusion
Tron is currently in a consolidated zone and can move to a new high in the future. The least energy consumption by the TRX has put it into the spot light of investors again.
Technical Levels
Major Support: $0.035-$0.045
Major Resistance: $0.095-$0.1
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.
