Tron [TRX] amassed weekly gains of 42.78% which aided its uptrend to reach levels last seen during the 2018 bull run, thus reaching its highest level in over two years.
Tron[TRX] rose by approximately 5% in the last 24 hours and was trading at $0.046. Despite the price appreciation, the crypto-asset continued to remain in the 20th position with a market cap of $3.45 billion and a 24-hour trading volume of $3.71 billion.
Tron has defied the bears and has managed to extend its gains despite not being one of best performing assets in the latest bull run. Let’s have a look at where the price could be heading for the coin in the near-future.
Tron [TRX] Daily Chart:
Tron’s [TRX] parabolic surge has triggered breaches of many levels of resistance. But the most crucial of all was breaking of $0.0399 level which as acted a point of rejection for nearly five months.
As TRX exceeded these levels, the bulls regained control which facilitated the surge to multi-year highs. During this time, the gauge between the 50 DMA [Pink] and the 200 DMA [Blue] showed much-anticipated divergence, which is a positive indicator.
The dotted markers of Parabolic SAR aligned below Tron [TRX] price candles forming critical support and resisting market downturn.
The green closing bars also depicted the strength in the ongoing bullish momentum of the crypto-asset. In addition, the MACD has extended the bullish crossover which has soared well-above zero depicting a strong buying demand among the market participants.
Tron has a good resistance at $0.049 area. If it manages to break this resistance, the crypto-asset could see a move towards its next resistance levels of $0.053 and $0.063 respectively.
On the flip side, however, a failure to break the resistance at $0.049 could lead to a fall towards its immediate support zone at $0.039. A further sell-off near this region could spark a drop to the support levels of $0.034 and $0.031.