trx price

The cryptocurrency market recovered mildly after the weekend blues. Several notable tokens along with Tron [TRX], appeared to be on the verge of what could be a defining breakout. The crypto-asset was still up by almost 4% over the past 7-days.

Tron had been on a consolidation mode since the crash on the 19th of May which has led to the formation of lower lows with each correction.

TRX noted an increase of a minor 0.6% over the past 24-hours which drove its price to $0.077. At the time of writing, the digital asset registered a market cap of $5.54 billion and a 24-hour trading volume of $894 million.

Tron [TRX] Daily Price Chart:

Tron [TRX] formed a symmetrical pattern on its daily chart as the price candles continued to oscillate between the two sloping trendlines over the past three weeks. The price of the asset could break on either sides after the completion of the pattern formation. But in this case, the bears appear to have an upper hand.

The down-sloping 50 DMA [Pink] appeared to be heading for a bearish crossover with the 100 DMA [Blue] which maintained its steady upward trajectory. In addition, both the moving averages stayed above the TRX price candles depicting high bearishness in the market.

Also, the ill-fated volume could very well fail in providing necessary traction to the price of the coin.

The green closing bars of Awesome Oscillator indicated a weak bullish momentum in the coin. The bullish crossover below the half-line of MACD also depicted a weak sentiment of buying pressure. In line with this, the RSI also exhibited a bearish phase as it continued to hover below the 50-median line as selling pressure slowly engulfed the market.

From the above chart, it can be stated that the bulls are buying on dips, while bears are selling on rallies. As the bearish pressure rose, the price of Tron now risks a turndown and a potential break below the trendline of the symmetrical triangle which could drive it to the immediate support area of $0.06.

However, if this zone cracks and the selling pressure intensifies, Tron could be up for a damaging market event and a spiral down to lows of $0.04 and $0.02 respectively.

Resistance levels for the crypto-asset, on the other hand, remained unbreached at $0.09, $0.106, and $0.136 respectively.

The cryptocurrency market’s movement was on a stiff rangebound. Even as Tron’s [TRX] losses minimized to 5.35%, the cryptocurrency was still directionless and continued to latch on to the negative sentiment surrounding the fall. It was still struggling to break free from the bearish impetus.

The digital asset’s tryst on the top 20 crypto leaderboard was short-lived as the price needs to stabilize before the next leg upwards.

Tron [TRX] slid by 1.54% over the last 24-hours which drove the price to $0.076. At the time of writing, the crypto-asset registered a market cap of $5.47 billion and a 24-hour trading volume of $1.67 billion.

Tron [TRX] Daily Price Chart:

The moving averages continued to resist any upward move by Tron [TRX]. After the 50 DMA’s [Pink] rise above the candles in the second week of May, the 100 DMA [Blue] followed suit which further pushed the coin down. The moving averages now appeared to be heading for a bearish cross. If this materializes, TRX could spiral down deeper into the bearish hole.

The depreciating volume on the daily chart was another signal of bearish pressure in the coin market.

The dotted markers of the Parabolic SAR aligned above the TRX candles indicating bears have the upper hand as the price continued to move sideways. The twin-peak formation above the half line by Chaikin Money Flow [CMF] depicted that an inflow of money into the capital was met by traders offloading their coins the moment its price noted upticks.

The RSI was hovering below the 50-median line, however, it followed an upward trajectory after bouncing off from the oversold region which was indicative of a slowly rising sentiment in demand among the investors in the market.

If the bulls push the price above $0.089, the TRX/USD pair could rally to a level at $0.116. Such a move will demonstrate strong buying at lower levels which could also signal an end of the downtrend. The charts depicted incessant bearishness in the market. Hence, if Tron falls below $0.063, it would invalidate the uptrend hints in the near term. In this case, the digital asset could retest the $0.044 and $0.028 levels respectively.

Tron [TRX] has been struggling to recover from the recent market crash along with its peer altcoins. It slid to the 19th spot by market cap after testing the crucial support zone and was still down by 12.75% over the past week.

Prior to the correction, the crypto-asset had been on an uptrend over the past few months similar to the rest of the market, and rose steadily in April as it breached multi-year highs.

Tron [TRX] was trading at $0.124 at the time of writing, having dropped 5.62 percent in the previous 24 hours. The altcoin registered a market cap of $8.83 billion and a 24-hour trading volume of $3.13 billion.

Tron [TRX] Daily Price Chart:

Tron’s [TRX] daily chart depicted a decline in volatility in the market which could shrink its upside potential. There are two possible scenarios. Firstly, it could enter a consolidation phase, Second, the altcoin could test psychological support points and fall back to 2020-lows.

The moving averages depicted the bullish presence defending the current price level. The upward slopping 50 DMA [Pink] continued to rest below the TRX price candles. The 100 DMA [Blue] also supported the candlestick arrangement from further decline as it hovered well below the 50 DMA with a steady gauge between the two.

Tron has been under pressure after it rallied to a local high last week as investors booked profits after offloading their coins. This prompted the MACD to sustain a bearish crossover which appears to be amplifying, at press time.

The Stochastic RSI fell towards the extreme oversold region as the altcoin’s price took a plunge. However, it was heading for a bullish crossover and a potential bounce back which indicated in the formation of a quick support.

The RSI, on the other hand, was nearing the 50-median line evidencing a sentiment of a decline in the buying pressure among the TRX market participants.

The resistance levels for Tron was found at to be at $0.163, $0.201, and $0.224 while the support was firmly held at $0.11, $0.085 and $0.065 respectively.

Tron, TRX has managed to rake in more than 10% in weekly gains even as the wider crypto market continued to trade sideways. The latest price action has catapulted the token to rise up to the 23rd position briefly before falling one spot lower as volatility in the coin market ensued.

It pumped significantly higher in the past week, as opposed to other tokens, as the foundation published NFT standard details.

Tron rose by 2.02% over the last 24-hours following an increase in terms of its trading activity as volumes soared to $1.83 billion during the same time frame. The crypto-asset was trading at $0.0655 while holding a market cap of $4.76 billion, at the time of writing.

TRON [TRX] Daily Price Chart:

Tron [TRX] resumed its upward trend after recovering from the late-February pullback to climb to new multi-year highs even after a short-lived tryst with the bears.

The upward sloping moving averages also aligned with the ongoing bullish sentiment as both 50 [Pink] as well as the 100 DMA [Blue] hovered quite the TRX price candles establishing crucial support points.

Buying Pressure Intensifies

Tron’s technicals have gained considerable traction once again. Even during the time of high volatility, the long green candles of Awesome Oscillator depicted continued bullish momentum. The OBV continued to register higher highs as buying pressure steered the price north from levels last seen during the recent correction.

The RSI pointed north of the 65-level and depicted a strong buying pressure among the investors in the market. However, the crypto-asset still has a long way to go before it shoots up to the overbought zone. This was essentially indicative of the fact that the bullish momentum might not falter under current circumstance.

As depicted by the charts, the immediate targets for the bulls resided around the $0.089-mark, while the next one was at $0.092 respectively. The support levels, on the other hand, rested at $0.054, $0.0449, and $0.027.