Tron [TRX] is of the few crypto-assets that started on a positive note as the broader market flashed red. The latest development follows Justin Sun’s tweet wherein the founder of Tron Foundation teased the community on big news. Besides, TRX’s recovery has been impressive as it decoupled from the rest of the crypto market. It reversed losses from last week’s sell-off and was up by 4.49% over the past seven days.
The latest surge catapulted Cardano [ADA] to a price of $0.108. After recording over 8% daily gains, TRX moved a spot higher and was now the 24th-largest cryptocurrency with a market cap of $7.78 billion and a 24-hour trading volume of $4.68 billion.
Tron [TRX] Daily Price Chart:
The surge comes at the heels of 50 [Pink] and 200 [Yellow] daily moving averages forming an ultra-bullish Golden Cross after two months of laying low. All the DMAs were aligned below the TRX price candles, firmly supporting the crypto-asset’s price from further downfall. In short, the moving averages aligned with the rising optimistic outlook for TRX’s price in the near term.
As the volatility rose, the volume also hinted at a potential breakout which will determine if the uptrend is sustainable.
The formation of green closing bars on Awesome Oscillator [AO] depicted a bullish momentum in the coin market. The Klinger Oscillator [KO] also aligned with the bulls. The daily Relative Strength Index [RSI] bounced back up after the sell-off, but the bearish divergence that has taken shape is a threat to the current uptrend.
A short-term pullback could sway Tron’s price to test $0.08 which is a strong support for the crypto-asset. To reclaim its yearly highs, TRX first needs to breach the immediate resistance level of $0.11. In case of a bullish breakout, other resistances of $0.131, and $0.152 may come into play.