Tron [TRX] faces downside pressure but bulls remain hopeful for further upside

Tron [TRX] has been consolidating after forming a local top on the 15th of August. Of late, the digital asset is feeling the pulling of the gravity once. It has been struggling to surge above the 20th May level having faced rejection just shy of $0.092. The volatility in the market has declined to depict an extended period of sideways movement.

Tron [TRX] was up by 1.51% over the past 24-hours and was currently exchanging hands at $0.088. At the time of writing, the crypto-asset registered a market cap of $6,33 billion and a 24-hours trading volume of $1.16 billion.

Tron [TRX] Daily Price Chart:

Low volume in the Tron market has further impeded the growth trajectory of the crypto-asset. The moving averages aligned below the TRX price candles supporting the price from a damaging downturn. The 50 DMA [Pink] underwent a bullish crossover with the 100 DMA [Blue] exhibiting an optimistic outlook. The crypto-asset had recently claimed 200 DMA which continued to hover close to it. If the 50 daily moving average manages to shift over the 200, forming a golden cross, TRX might get the much-needed push to climb towards the highs established in the 2021-highs.

As noted by the Chaikin Money Flow [CMF], the inflow of money in the TRX market has been consistent depicting a bullish sentiment. The MACD, however, signaled bearish cues that were indicative of a struggling demand in the coin market. But with the daily Relative Strength Index [RSI] still trending above the midline after falling from the overbought zone, TRX bulls remain hopeful for further upside.

The overall trend in Tron’s daily chart is positive and no abrupt price movements on either side appear to be in the inkling. The resistance levels stood at $0.11, $0.152, and $0.164, while the support levels were at $0.07, and $0.05 respectively.