Tron [TRX] was undoubtedly the star of the crypto show with a whopping 29% rise in the last 24-hours. The price of the altcoin even surged to a high of $0.096. However, at the time of writing, the asset witnessed a retracement which further caused the price of TRX to drop to $0.085. The last seven-days seemed to be beneficial for the asset as it bagged gains over 61%. The market cap of the asset also rose to $6.27 billion which further helped Tron [TRX] climb up the crypto-ladder and secure the 20th rank.
Additionally, the entire crypto market was seen mirroring a similar trend. The overall market cap of the crypto industry was at $1.90 trillion further making its way onto $2 trillion.
Tron [TRX] One-Hour Price Chart On Binance
Unlike the ongoing sentiment in the market, the short-term price chart of TRX exhibited a bearish notion. The Parabolic SAR indicator formed dotted lines over the candlesticks subsiding the chances of an upward breakout. The MACD indicator imitated this predilection and went on to form a bearish crossover. Just today, the MACD line seeped below the signal line.
The Money Flow Index [MFI] indicator was in the buyers’s area despite the ongoing bearish trend in the TRX market.
Tron [TRX] One-Day Price Chart On Binance
Justin Sun’s cryptocurrency, TRX revealed that it was going to preserve the bullish trend unlike its short-term price chart. The Bollinger Bands indicator was diverging and affirmed that it would continue doing so. This further indicated an increase in volatility. The Awesome Oscillator indicator formed big bold green closing bars and suggested that the bulls were in its market. The potential surge in volatility could be extremely beneficial for the altcoin.
The Relative Strength Index [RSI] indicator announced that the altcoin was being overbought as the RSI marker was over 60 median.
Furthermore, the persistence of this trend could help the coin achieve $0.1, however, the bears in the short-term price chart could deter this growth.