Tron [TRX] Consolidates In Tight Range; Is Bullish Flip On The Cards?

Tron [TRX] has faced repeated rejections after an incredible streak in the first week of September. What seemed like a promising uptrend, TRX’s rally was cut short as price failed to gain traction above its crucial resistance level of $0.027.

The bearish pressure has pushed the price to $0.0257 as it held a market cap of $1,84 billion and a 24-hour trading volume of $1.046 billion. The price appeared to be trapped in a tight rangebound. But could there be a trend reversal in the near future?

Tron [TRX] Daily Chart:

As depicted in the chart above, the daily moving averages demonstrated an interesting picture. The 50 DMA [Pink], which has acted as a crucial resistance level for the TRX price candles, appeared to be sliding down. A bullish case could potentially transpire if it falls below the candlestick arrangement.

However, if this does not materialize, the coin could resume the protracted consolidation, oscillating within the current range.

Furthermore, the 200 DMA [Yellow] continued to not only hover below the 50 DMA but also the price candles. It rose steadily in tandem with the price action of TRX. Hence, a mild bullish case can be observed in the above chart.

The converging Bollinger Bands depicted a period of low volatility. It is important to note that the same cannot be said for its peer altcoins whose prices have witnessed significant volatility as a reaction to Bitcoin’s latest bull run.

Meanwhile, the MACD remained positive as it generated a strong buy signal forming a bullish crossover under the above. A move into the bullish territory can confirm that Tron is heading to make more gains but a significant breakout might not be on the cards just yet.

The above technical analysis of Tron depicted that despite the fact that the bullish momentum has lost its steam, a potential upside could, in fact, occur as depicted by the placement of the daily moving averages as well as the indicators. However, as suggested by Bollinger Bands, an outright breach of the significant level appears unlikely, at least for now.

Tron’s [TRX] immediate resistances were found to be at $0.027 and $0.0305 while the support level of $0.0257.

Reena Shaw: Reena Shaw is a TWJ full-time writer on crypto-currency. A Journalism graduate, her research focuses on legislation and policy-making in the cryptocurrency market.