Tron [TRX] had initiated a fresh increase this week after notching double-digit gains. The digital asset had been in a downward trend since last week, but the subsequent crash was much more detrimental to its price fortunes.
The price of Tron started a decent increase on the 26th of April and has been targeting the recently hit multi-year high point. It was able to reduce its weekly loss to 4.10% and was now holding the 19th position in the cryptocurrency ladder.
Over the last 24-hours, TRX was still down by 2.60% which drove it to a price of $0.122. At the time of writing, the crypto-asset recorded a market cap of $8.82 billion and a 24-hour trading volume of $2.65 billion.
Tron [TRX] Daily Price Chart:
The volatility has taken a hit in the 24-hour Tron [TRX] chart. Meaning an abrupt movement in either direction might not transpire. Adding to its woes is the declining trading volume that has failed it reach the previous level. Hence, it is not clear if the latest uptrend will last long enough for the digital asset to swing near its recent high.
The upsloping moving average, 50 DMA [Pink] attempted to surge above the TRX price candles. If this materializes, the price could face stiff rejection in the near term. The 100 DMA [Blue], on the other hand, continued to hover below the 50 DMA.
After nearly two weeks of treading in the red zone, Awesome Oscillator saw a tiny green bar that could signify the renewal of a much-needed bullish momentum in the coming days.
The Chaikin Money Flow [CMF] also bounced up from the zero-line depicting an inflow of capital into the coin market as the price crashed.
Closely mimicking the price action, the RSI also noted an uptick above the 50-median line suggesting a sentiment of increasing buying pressure among the investors in the coin market.
TRX identified resistances at $0.136, and $0.164 while the support level held firm at $0.101, $0.086, and $0.055.