Tron [TRX] Bulls Could Finally Be In Control Of The Market

Tron [TRX] slid to the 23rd position in the cryptocurrency leaderboard after an underwhelming performance this week. It amassed mere gains of 2.80% during the same time.

Tron’s multi-year high was cut short as it noted a volatile market for three-weeks straight that has hindered the bulls from carrying the coin further.

TRX was down by 2.98% over the last 24-hours which drove its price to $0.0599. At the time of writing, it registered a market cap of $4.3 billion and a 24-hour trading volume of $3.02 billion

Tron [TRX] Daily Chart:

Tron [TRX] gained significant traction this month owing to Bitcoin and Ethereum hitting all-time highs. After breaking to a multi-year high, the crypto-asset entered the consolidation phase. And any possible uptrend signs appear to have halted.

Despite this, the support points continued to defend the current level Moreover, there here have been hints of a squeeze in volatility. The Bollinger Bands, for instance, were converging depicting a reversal in the ongoing trend. Could this mean that the much-needed rise?

Buy Pressure Gains Prominence

The Parabolic SAR sided with the bulls. Its dotted markers were found to be hovering below the Tron [TRX] candles supporting the coin’s price movement from an extended downfall.

The green bars of Awesome Oscillator also resumed depicting a shift to bullish momentum. Furthermore, the buying pressure, once again, has set in as depicted by the RSI which was well above the 50-median line and was now heading towards the overbought zone.

Previously, the RSI had rebounded after hitting a local top. But gearing up for another run essentially signified that an uptrend could be in the offing.

Taking the above charts into consideration, if a breakout to the upside for TRX does transpire, it could potentially target its immediate resistance level of $0.064 and $0.08 respectively.

Besides, the $0.05-level presents opportunities to buy the crypto-asset. Other region of support was found to be at $0.035.

Chayanika Deka: Chayanika is a full-time journalist at TronWeekly with over two years of experience. A graduate in Political Science and Journalism, she focuses on the political and financial impact of cryptocurrency and blockchain developments.