The eleventh cryptocurrency by market capitalization is trading at $0.02825 as we write this, which means it’s gone up by 6.80% in the last 24 hours.
Tron has been slow to react to Bitcoin’s recent bull push, but in the last 48 hours, it seems it’s finally gathering momentum and gaining value.
The Bollinger bands for Tron are perfect. They’re narrow enough so that the prices’ volatility shouldn’t scare anybody, but they’re wide enough so that you know there’s a trend going on, and the trend is decidedly green.
Technical analysis indicators for all time frames are in “strong buy.” In the 1-day analysis, we have the first resistance level at 0.029568, and the second one at 0,30506. This means that TRX is reaching its first resistance level and, as it keeps going up, it’s very likely to break both of the resistance levels soon as well. The third resistance level is at 0.032653, which seems far for today, but it’s within reach given the market’s momentum. If the market breaks the third resistance level, anything can happen.
The monthly technical analysis, which is more relevant when detecting turning points in the market, is pretty much the same. The first resistance level is already behind the price, and the second resistance level is at 0.035357.
Except for the MA20, every moving average (both simple and exponential) are in the deep green zone.
Other favorable indicators for today are RS (14), MACD (12,26), CCI (14).
The market is 93% buyers as we write this. So everything is auspicious.
TRX is rising in value, as it’s done for a couple of days now. It’s gone up by 11.52% over the last week, and almost every available indicator points to a continued upward trend that should last for long enough for traders to profit from trading in Tronix today.
Conclusion
Today is a good day for the enthusiastic Tron community which has been waiting for ages to finally see the vast Tron potential and network performance turn into market performance. That’s happening now, at last, and 79% of polled investors by invstor.com believe that the coin will be in bullish mode for some time.
Yesterday, the upward trend was a bit shy and somewhat unclear.
Confirmation for the bullish trend comes in the form of the trading volumes. The price has fluctuated along the day, but losses have had small trading volumes while the highest volumes we’ve seen during the day have happened when the price rises, especially as the price surged a couple of hours ago.
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.
