Tron [TRX] gathers pace to initiate a fresh upswing near $0.07

Tron [TRX] has kicked off August with the right footing. The 25th-largest cryptocurrency saw a 12-straight day of winning streak despite several top altcoins appear to be faltering near their resistance levels. Notably, the volatility in the TRX market has made an uptick which could break the incessant consolidation and induce a legitimate trend change. It raked in weekly gains of 14% amid favorable fundamental and technical catalysts.

Besides, the cumulative market cap surged to $1.66 trillion. TRX price has registered a close above a crucial resistance line, possibly initiating a new trend for the crypto-asset.

Over the past 24-hours, Tron [TRX] was up by 2.79% which drove its price to $0.0657. At the time of writing, it recorded a market cap of $4.71 billion and a 24-hour trading volume of $874 million.

Tron [TRX] Daily Price Chart:

After a sustained bullish momentum, the volume in the TRX market has seen minor positive change. As matter of fact, the price candles finally pierced through the downsloping 50 DMA [Pink] this week which further reinstated a bullish sentiment. The candlestick arrangement was climbing closer to the 100 DMA [Blue] and the 200 DMA [Yellow] which if breached could trigger a significant push towards the upside.

The green closing bars of Awesome Oscillator [AO] depicted a strengthening bullish momentum in the coin market. The MACD flipped positive as buying demand shot up. In addition to that, the Relative Strength Index [RSI] also soared above the 50-median line and was now eyeing the overbought territory indicating a sentiment of increasing buying pressure in the TRX market.

If momentum is sustained, Tron’s price can target a rally all the way to the 100 DMA and the 200 DMA at $0.073, and $0.081 levels respectively to eventually aim for yearly highs. The support areas, on the other hand, were found to be at $0.05, and $0.028.