We have excellent news for the always bullish Tron community today. The Tronix (TRX) cryptocurrency has been performing remarkably well all week long, and today it hasn’t been the exception. Justin Sun’s coin is up by 18.5% for the week and by 4.24% for the last 24-hours.
Along with the price behavior, we’ve seen some exciting high trading volumes on the green side of things. That’s the sign we always want to see to corroborate that an increase in price is as authentic as the market can guarantee.
Tronix is trading at USD 0,038848 as we write this, and it has taken the world’s 10th cryptocurrency by market capitalization position back again. Let’s see what we can find out by looking at the technical analysis for the 24-hour and 30-days period.
Daily market analysis
In the daily scenario, we have the price above the pivot point of USD 0,036083 and below the first resistance level of 0,039098. So the trend is decidedly bullish, and there’s plenty of room for TRX to keep gaining value before it has to test any technical market resistance. If you are the kind of trader who prefers the Fibonacci levels, the news is still useful because it’s the same situation exactly.
The Bollinger bands have been narrowing a little, but they’re growing back up as we write this. This, of course, means higher volatility which is not always a bad thing. A little volatility allows for quick profits while a market in which the bands are too narrow will keep trading sideways.
So in the 24-hour picture, we see a coin that’s stabilizing in value, but that is still slowly growing.
Monthly technical analysis
It looks very much the same as the daily picture. But here we have to pay attention to the first resistance level more closely because it’s more likely to affect the market. R1 is at USD 0,039190 so while it’s very similar to the daily first resistance level, it’s a tiny bit higher.
The difference in both resistance levels suggests that TRX is highly likely to break the daily resistance level but also to find resistance at the monthly one.
That being said, both levels allow for enough space for the cryptocurrency to gain value for the next few hours, even days.
Every moving average is signaling for the bulls. Most technical indicators are bullish as well – four out of seven. Almost all the signals are there.
So it looks like a great day to get involved in some TRX trading. Just keep in mind that most of the market is doing very well right now, so you shouldn’t consider Tronix in isolation or things could backfire. Caution is advised, as always.
The best is probably yet to come. Weekends are usually somewhat bearish in the cryptocurrency market. The fact that we’ve had a very bullish one this time around could mean that we’re heading for a fantastic week. Of course, we’ll have to wait and see and keep a very close eye on the way the market keeps moving. Otherwise, we could have a nasty surprise as it often happens in crypto.
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.