Tron’s TRX cryptocurrency’s performance since last Sunday is nothing short of fantastic. It’s gone up by 10.71% just in the previous 24 hours, and it’s trading at $0.035439 as we write this. In fact, the rise in the value we see in Tronix is enough for it to climb the capitalization ladder, so it’s now the world’s tenth largest coin, swapping places with Cardano’s ADA.
Another of the currencies issued by Tron, the BitTorrent Token (BTT) is also performing well, and it’s broken into the world’s top 30 by market capitalization. Since BTT is a TRX-based token, its success can’t possibly be hurting TRX’s performance.
TRX is clearly trending so let’s have a look at technicals and let’s figure out what to expect in the next 24 hours or so.
24-hour technical analysis
The 24-hours technical is bullish but not too much, which is a little strange taking into account the intensely green numbers in the market. It could be because the spectacular rise in Tronix’s price is not complemented with high trading volumes.
The current price is above the pivot point (0,034153) but still far from the 0,037521 first resistance level. All the moving averages and technical indicators are intensely green, though, and every active signal is for the bulls.
So the trend is there, it’s positive, and the technical numbers give us reason to believe that it can only keep going up for the time being until it reaches the first resistance level, which hasn’t been broken yet. But going from 0,027 to 0,035 in not even two days, the market has overcome several resistance levels already, so it could very well gather enough momentum to break a few more.
Monthly technical analysis
In the monthly scenario, we’re already above the first and the second resistance levels (0,029368, 0,035257) so the bulls are also getting ready to meet the third resistance at 0,038979, push it, and beat it. All the averages support the bulls as do most technical indicators (five out of eight).
If the market is going to find resistance during the next 24 hours, it’s more likely to occur at the 0,038979 than at 0,037521 because monthly resistance and support levels tend to be better predictors for the market’s behavior.
This is an exciting time for Tron holders. The token is not only performing very well as an asset, but it’s actually outperforming most of the cryptocurrency market which is why it’s earned that long coveted place in the top 10.
The only missing ingredient in the recipe that would guarantee Tron’s success as a profitable asset today is trading volume. Trading volumes have been weak during the last hours, and they’ve been stronger for the bears than for the bulls. So while TRX is an excellent option for investors today, caution is adviced because until we see high trading volumes supporting bullish activity, we can’t be sure that the coin will keep performing.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.