With nearly 3% weekly gains, Tron [TRX] saw a consolidated move as it attempted to break free from the prolonged downside pressure. Despite the renewed interest, the crypto-asset’s breach of the next ceiling appears bleak.
Long-term Tron investors have continued to use declines in a strong uptrend to stack more coins. The short-term investors, however, are fixated on amassing profits.
This was noted by the swift price correction of the crypto-asset which was still down by 1.21% over the past day. Tron [TRX] was currently trading at $0.051 as it further dipped on the cryptocurrency leaderboard.
At the time of writing, Tron registered a market cap of $3.68 billion and a 24-hour trading volume of $1.3 billion.
Tron [TRX] Daily Chart:
Tron [TRX] has maintained a steady uptrend after late Feb’s massive correction. The accession near the recently formed multi-year high did not face much rejection. However, it depicted signs of turning down after establishing a local top. This was indicative of a short-term price weakening as some market participants sold their coins.
The moving averages, however, aligned with the bulls. The 50 DMA [Pink] continued to hover below the Tron price candlestick arrangement and well above the 100 DMA [Blue].
Trouble For Tron?
Much like the short-term depictions, Tron’s long-term prospects did not appear to be super-bullish, as well.
The closing bars of the Awesome Oscillator, for instance, has flipped red after declining for a period of two weeks. This evidenced the emergence a bearish momentum following the latest pullback in the TRX market.
The MACD was also not backed by the chances of a favorable outcome as it underwent a bearish crossover.
The RSI noted a minor decline after a consistent surge. However, it was still above the 50-median line despite a rising sentiment of sell-pressure in the TRX market.
In case of a market downturn, crucial supports points for the crypto-asset stood at $0.045, $0.035 and $0.027. Its upward targets were found to be at $0.053, and $0.061 respectively.