Despite Bitcoin undergoing a major breakout, its altcoins including Tron appeared to be stuck in a consolidation phase as volatility remained high. Mirroring Ethereum’s bullish break, several other coins noted a significant uptick.
After a decent increase of 10.88% over the last week against the US Dollar, Tron [TRX] surpassed a major hurdle of $0.0280 along the way. Following a minor correction, the 17th largest cryptocurrency by market cap, TRX was being traded at $0.02811, after a rise of nearly 3% over the last 24-hours, while holding a market cap of $2.014 billion and a 24-hour trading volume of $2.21 billion.
Tron [TRX] Daily Chart
Tron’s [TRX] daily chart depicted a massive bullish signal as the two daily moving averages settled below the price candles following the latest uptrend. Both the 50 DMA [Pink] and the 200 DMA [Purple] formed strong support bases at $0.0260 and $0.022 respectively.
The price even broke the $0.030 resistance point before resuming a downside correction. However, the token gained pace above the aforementioned support area and the 50 DMA sliding below the price candles depicted a flip to a much-needed bullish phase.
Bullish Projections
The green closing bars of the Awesome Oscillator also depicted a bullish momentum in the coin’s price. Additionally, the MACD also generated a strong buy signal as it formed a bullish crossover above the zero-line. A move by the MACD into bullish territory essentially confirmed that Tron was heading to make more gains in the coming days.
A good buying pressure was observed around the current level, as indicated by the tail wicks of the candles at that price level as the market’s bulls defeat the bears, seeking to push the prices down.
The placement of the daily moving averages, as well as the indicators, point to a bullish phase for TRX in the near-term. If the present momentum gains further traction, it could potentially push TRX’s price higher to September levels. The immediate resistance, in this case, stands at the recently breached $0.030. If the bulls manage to break this major resistance, the price might rise towards another crucial target of $0.034.