Just a few years ago, the founder of the Tron network, Justin Sun made sure to keep the network relevant. Sun’s marketing skills were lauded by many which lured several individuals into the project. This also aided in keeping the network’s native cryptocurrency TRX in the top ten. However, this did not last for too long. Just as new currencies entered the crypto-verse, TRX kept plummeting which further pushed the asset from the top 20. Currently, the altcoin sits in the 24th rank with a market cap of $5.3 billion.
With respect to its price, TRX failed to reach or veer towards its previous all-time high of $0.30. The altcoin, during the time of writing, was trading for $0.07 with a 2.85% surge in the last 24-hours. Unlike the coins that were succumbing to the ongoing sentiment in the market, TRX was seen bagging gains.
Additionally, all the other coins in the crypto market were enduring a slump. Bitcoin [BTC] had once again dropped below $38K. Just as the king coin’s market cap dropped to $700 billion, the global crypto market cap plummeted to $1.57 trillion.
Tron [TRX] one-hour price chart on Binance
The short-term price chart of TRX noted a strong bullish notion. The Awesome Oscillator indicator laid out strong green closing bars affirming the presence of the bull in the TRX market. The MACD indicator followed suit, however, the MACD line was seen going for a bearish crossover. While this isn’t assured, the market currently lies in the bullish arena.
The Money Flow Index indicator noted no major buying or selling sentiment as a neutral market was detected. Nevertheless, the indicator inclined towards the buyers’ side.
Tron [TRX] one-day price chart on Binance
Bulls were all over the TRX market. The one-day price chart of Tron also alerted the proximity of the bull. The Bollinger Band indicator suggested minimal volatility as the bands were converging. The Chaikin Money Flow indicator was taking a walk into the bull residing area.
The Relative Strength Index [RSI] indicator remained below the 50 median suggesting a sellers’ market.
