Tron News

Tron [TRX] has managed to hold on to the 20th position in the crypto leaderboard. It had sustained a major correction against the US Dollar in April. Following a week-long consolidation, the digital asset managed to steer clear of the immediate resistance of $0.13 and eye recently hit multi-year.

It accrued gains worth 16.25% over the past seven days, after being on a steady recovery route. The latest push coincided with Tron Foundation’s partnership with DAO Maker.

After rallying by 10.25% over the past day, Tron [TRX] pushed its price to $0.143. At the time of writing, the crypto-asset registered a market cap of $10.28 billion and a 24-hour trading volume of $5.54 billion.

Tron [TRX] Daily Price Chart:

The price seemed to be struggling to hold the current level. The converging Bollinger Bands on the 24-hour Tron [TRX] chart evidenced a period of low volatility in the coin market. Meaning, an abrupt trend change on either side might not transpire in the near-term.

On the brighter side, the upward movement of the price found significant support from the volume which also noted an uptick after laying low for nearly two weeks.

TRX’s chart also depicted a phase of low but bullish momentum in the coming days as closing bars of Awesome Oscillator turned green. In line with this, the MACD also flipped to bullish crossover on the 5th of May and the rising gauge was indicative of a increasing buying demand by the market participants.

The RSI was also well above the 50 median line despite being turned down from the overbought conditions. This indicated a sentiment of buying pressure among the traders in the TRX market.

Tron [TRX] is suspected to head higher as sell signal did not deter the bulls. In this case, the asset is likely to face resistance at $0.164. The support levels, on the other hand, were found to be at $0.111 and $0.086 respectively.

Tron’s [TRX] attempt to push back the bulls have been met with severe resistance. Even as the digital asset was up by 20.35% over the past week, it slid to the 20th position in the leaderboard.

It is important to note that the collective altcoin cohort has witnessed an abrupt shift in volatility throughout the month of April which appears to be amplifying as May dawned. Bitcoin has steadied below $60K, while Ethereum registered a new ATH and was now seen pushing the coins towards a rally.

Tron [TRX] was still in the red zone after incurring a loss of 2.52% over the past day. The crypto-asset was exchanging had at $0.126 while recording a market cap of $9.06 billion and a 24-hour trading volume of $2.01 billion, at the time of writing.

Tron [TRX] 24-hour Price Chart:

Tron’s [TRX] revival attempts have been rejected at several key points which has pushed the crypto-asset deeper to the bearish realms. The mouth of the Bollinger Bands was open but not diverging which depicted a period of volatility in the coin market.

The low volume has failed to provide firm support and push the price of the coin even as the altcoin market noted sharp surges in recent weeks.

Tron’s [TRX] technical indicators were struggling. The red closing bar of the Awesome Oscillator depicted a weak bearish momentum in the coin market.

The Chaikin Money Flow [CMF] also flailed above the zero line depicting a low inflow of capital into the TRX ecosystem.

Similarly, the RSI, too, has been hovering above the 50 median line with some difficulty in tandem with TRX price movement which demonstrated that the bulls have bought the dip. This, in turn, has led to a sentiment of rising buying pressure in the market which could push its price higher.

The resistance levels for Tron was found to be at $0.137, and $0.164 while the support points were found to be at $0.111 and $0.862 respectively.

Tron [TRX] had initiated a fresh increase this week after notching double-digit gains. The digital asset had been in a downward trend since last week, but the subsequent crash was much more detrimental to its price fortunes.

The price of Tron started a decent increase on the 26th of April and has been targeting the recently hit multi-year high point. It was able to reduce its weekly loss to 4.10% and was now holding the 19th position in the cryptocurrency ladder.

Over the last 24-hours, TRX was still down by 2.60% which drove it to a price of $0.122. At the time of writing, the crypto-asset recorded a market cap of $8.82 billion and a 24-hour trading volume of $2.65 billion.

Tron [TRX] Daily Price Chart:

The volatility has taken a hit in the 24-hour Tron [TRX] chart. Meaning an abrupt movement in either direction might not transpire. Adding to its woes is the declining trading volume that has failed it reach the previous level. Hence, it is not clear if the latest uptrend will last long enough for the digital asset to swing near its recent high.

The upsloping moving average, 50 DMA [Pink] attempted to surge above the TRX price candles. If this materializes, the price could face stiff rejection in the near term. The 100 DMA [Blue], on the other hand, continued to hover below the 50 DMA.

After nearly two weeks of treading in the red zone, Awesome Oscillator saw a tiny green bar that could signify the renewal of a much-needed bullish momentum in the coming days.

The Chaikin Money Flow [CMF] also bounced up from the zero-line depicting an inflow of capital into the coin market as the price crashed.

Closely mimicking the price action, the RSI also noted an uptick above the 50-median line suggesting a sentiment of increasing buying pressure among the investors in the coin market.

TRX identified resistances at $0.136, and $0.164 while the support level held firm at $0.101, $0.086, and $0.055.

Tron [TRX] alongside several prominent altcoins started off the week with a fresh increase pushing the collective market cap to $2 trillion. The renewed momentum catapulted the crypto-asset to the 16th spot on the leaderboard indicating an intense bullish sentiment in the TRX market.

Further validating the astonishing price rise was the gains of 104.4% amassed by the token over a period of seven days.

At the time of writing, Tron [TRX] was being traded at $0.131 with a market cap of $9.57 billion. Over the past 24-hours, however, the crypto-asset noted a decline of more than 3% as it registered a trading volume of $10.80 billion over the same time frame.

Tron [TRX] Daily Price Chart:

Tron [TRX] underwent a parabolic rise to levels last seen during the 2018 bull run. It has hit a major resistance, upon breaching which could make the crypto-asset target its ATH levels.

The upward-sloping 50 DMA [Pink], as well as the 100 DMA [Blue], continued to support the TRX price candles from damaging declines. Also, the rising volatility further defended the positive structure. Hence, it is important to note that if the bulls manage to hold this level of support, the price could target the token’s peak levels due to the lack of prominent barriers.

The long green closing bars of Awesome Oscillator depicted a strong bullish momentum in Tron’s price. The MACD also indicated a phase of intense buying demand in the market.

The RSI was still hovering in the overbought region depicting a sentiment of buying pressure among the investors in the TRX market.

According to the above charts, the crypto-asset’s price action continued to remain intact in the bullish territory despite the short-term declines. Hence, if the TRX bulls manage to provide the climb with fresh footing, it could target its nearest resistance of $0.201 and $0.223.

Supports levels, on the other hand, stood untested at $0.1, $0.06 and $0.047 respectively.