Tron [TRX] Picks Positive Long-term Cues Despite Risk Of Dip Near $0.044

Tron [TRX] was pushed to the 26th spot on the cryptocurrency ladder by market cap despite amassing gains of nearly 11% over the last 7-days.

After opening above $0.053 on the wee hours of 9th March, the crypto-asset’s price underwent minor correction. Currently, Tron was trading at $0.052 after a choppy intraday despite a 24-hour rise of 3.51%. It recorded a market cap of $3.79 billion and a 24-hour trading volume of $1.81 billion, at the time of writing.

However, TRX was on a path to recovery on the back of a broader market rally. Hence, the market-wide renewed bullish impetus can potentially aid Tron to recover the losses.

Tron [TRX] Short-term Chart:

Tron’s [TRX] recovery over the past two weeks took a shape of a rising wedge. As per convention, the the pattern formation could result in a bearish breakout upon completion.

Hence, it can noted that the short-term prospect for the crypto-asset does not look optimistic.

Long-Term Picture: Buy Signal Emerges Again

Upon zooming out, it was found that the long-term odds are in favor of the bulls. The MACD, for instance, was heading towards a clear bullish crossover after being stuck on the negative zone since the crash of two weeks earlier.

The On Balance Volume [OBV] also rose which suggested that buying pressure was a major contributing factor for the price appreciation.

Further validating the rise in buying pressure among the traders of the TRX market was the RSI which demonstrated less selling at the current price level.

The above charts depicts a potential short-term drop which could materialize prior to the continuation of the uptrend. If Tron steers clear of $0.055-level, it could attract more gains.

In this case, the crypto-asset could target the immediate resistance of $0.060 followed by $0.064 if the strong trading volumes continue to back the price.

If the short-term bearish reversal comes into play, Tron could fall to its nearest support level of $0.044. The crypto-asset found significant supports at levels $0.035 and $0.028 respectively.

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.