Tron’s Tronix (TRX) cryptocurrency has had a fantastic weekend. It’s been soaring since Sunday at 7:30 UTC and it seems unstoppable right now. After relaxing a bit, tt’s trading in slightly red numbers at the tune of 2.11% in the last 24-hours but still in green by 16.6% over the previous seven days. It’s priced at 3.3286 cents as we write this. It seems that the bulls are here for Tron, at long last.
The technicals are deep green for every period (from minutes to monthly). Let’s see the details.
24-hour technical analysis
The current price is coming close to testing the first resistance level of 0,034788. There’s massive momentum in the market, so the chances are that it will test it and break it. The next resistance levels are at 0,036745 and 0,037624, and each of those could be broken in the next 24-hours if things keep going as we’ve seen them so far.
If, on the other hand, the first resistance level is not overcome and TRX bounces back down, it could find support at 0,027951.
In the 24-hour technical every indicator is close to the green, and every moving average too.
Tron’s fans have been waiting patiently for the time in which Tron’s fundamentals and excellent performance as a blockchain platform would translate into market performance for TRX. Well, this could be the day.
Monthly technical analysis
As usual, we will also have a look at the monthly technical to gain some additional insight into the market’s possible behavior.
In the monthly, TRX is already broken through the first resistance level (0,029368), and it’s moving upward to test the second one (0,03525). So if you need to choose a resistance level in which you’d rather sell, the monthly one is usually a better choice than the daily one.
The third resistance level is at 0,03897. Testing this resistance level would need for TRX’s price to increase by almost 20% which is very unlikely to happen in a single day, so the chances are that the third resistance won’t be tested any time soon.
Support levels, which will are likely to be entirely irrelevant today, are at 0,019757, 0,016035, and 0,010147.
Every moving average is green, but technical indicators are more neutral because half of them are signaling for the bears instead of the bulls. The overall picture, however, favors the bulls.
Even the 5-minute technical which tends to be very volatile and is often in contradiction with longer-term scenarios is decidedly bullish.
But there’s one foreseeable problem with trading in TRX today. Everything is poised to end up being in the green, for sure. But the Bollinger bands are narrowing down around the current price, and the price has already gone up significantly for a while now, so we could see it trading sideways for a few hours (or days) before it trends again in either direction.
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.