Tron [TRX] alongside several prominent altcoins started off the week with a fresh increase pushing the collective market cap to $2 trillion. The renewed momentum catapulted the crypto-asset to the 16th spot on the leaderboard indicating an intense bullish sentiment in the TRX market.
Further validating the astonishing price rise was the gains of 104.4% amassed by the token over a period of seven days.
At the time of writing, Tron [TRX] was being traded at $0.131 with a market cap of $9.57 billion. Over the past 24-hours, however, the crypto-asset noted a decline of more than 3% as it registered a trading volume of $10.80 billion over the same time frame.
Tron [TRX] Daily Price Chart:
Tron [TRX] underwent a parabolic rise to levels last seen during the 2018 bull run. It has hit a major resistance, upon breaching which could make the crypto-asset target its ATH levels.
The upward-sloping 50 DMA [Pink], as well as the 100 DMA [Blue], continued to support the TRX price candles from damaging declines. Also, the rising volatility further defended the positive structure. Hence, it is important to note that if the bulls manage to hold this level of support, the price could target the token’s peak levels due to the lack of prominent barriers.
The long green closing bars of Awesome Oscillator depicted a strong bullish momentum in Tron’s price. The MACD also indicated a phase of intense buying demand in the market.
The RSI was still hovering in the overbought region depicting a sentiment of buying pressure among the investors in the TRX market.
According to the above charts, the crypto-asset’s price action continued to remain intact in the bullish territory despite the short-term declines. Hence, if the TRX bulls manage to provide the climb with fresh footing, it could target its nearest resistance of $0.201 and $0.223.
Supports levels, on the other hand, stood untested at $0.1, $0.06 and $0.047 respectively.