As the market showed signs of recovery from a bear market correction, Tron [TRX], an unlikely contender, emerged as one of the best performing crypto-asset after weeks of trading on a bearish note. As a result, the digital asset’s weekly losses declined to 10%. The swift rebound may be attributed to accumulation occurring at lower levels which pushed the combined valuation of the cryptocurrency market above $1.3 trillion.
Tron [TRX] was up by 16.86% over the past 24-hour which drove its price to $0.063. At the time of writing, the crypto-asset registered a market cap of $4.60 billion and a 24-hour trading volume of $1.56 billion.
Tron [TRX] Daily Price Chart:
The volatility in the Tron [TRX] market hinted at optimism. The moving averages, on the other hand, did not depict a promising picture. The 50 DMA [Pink] and the 100 DMA [Blue] sustained a bearish crossover right before the crypto-asset’s fall on the 21st of June. As a result, the upsloping 200 DMA [Yellow] breached the TRX candles and went over them.
The latest increase in price, however, could challenge the 200 DMA. Additionally, the volume too noted an uptick which could help in TRX’s growth.
The Chaikin Money Flow [CMF] made a headway nearing the half-line depicting a spike in capital inflow into the coin market as prices hit bottom. A similar sentiment was exhibited by Klinger Oscillator [KO] which underwent a bullish crossover. The RSI, too, noted a sharp uptrend towards the 50-median line and a bullish divergence along the way demonstrating an increase in buying pressure in the market.
The above charts and technicals signaled a bullish impetus, thanks to the rapid accumulation at a key level. If the bears manage to maintain the momentum, Tron could target yearly highs after breaching immediate resistance levels of 50 DMA – $0.087, and 100 DMA – $0.096 respectively. The crypto-asset’s support levels, on the other hand, were found to be at $0.044, and $0.02.