Tron [TRX] lacks conviction near $0.1 despite the healthy bounce

After the severe meltdown triggered by China’s Evergrande, buyers have returned to the Tron [TRX] market. The broader cryptocurrency ecosystem is bouncing upward as well. TRX is yet to reverse its weekly losses of over 15%. Even as there are no clear upward goals, the volatility in the market is picking up suggesting temporary relief.

Tron had suffered two fatal blows which pushed it to the 25th spot. However, over the past 24-hours, TRX yielded an ascent of 7.13% which drove its price to $0.098. At the time of writing, the crypto-asset registered a market cap of $7.04 billion and a 24-hour trading volume of $1.41 billion.

Tron [TRX] Daily Price Chart:

Tron [TRX] bounced from a psychological support area and dodged the upward sloping moving averages. The 50 DMA’s [Pink] attempt to reclaim its foothold above the TRX candles was thwarted by the uptick. The gauge 200 DMA [Yellow] and the 100 DMA [Blue] continued to hover below supporting the price action. The low volume, however, added uncertainty to the progression. Hence, it is unclear if the crypto-asset has made up its mind to climb a new swing high yet.

The technicals demonstrated optimism. The closing red lines of Awesome Oscillator [AO] indicated a weakening bearish momentum in coin market. The Chaikin Money Flow [CMF] also bounced from the zero line in tandem with the price action of the underlying asset depicting an uptick in terms of capital inflow to the market. Even though the Relative Strength Index [RSI] jumped back to the 50-median line, it formed a bearish divergence that could hinder solid resurgence prospects.

If Tron continues to move forward, it could face significant resistance at $0.12. A successful breach could catapult the crypto to target yearly highs of $0.152 and beyond. On the other hand, the support levels were found to be at $0.088, $0.077, and $0.050

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.