Tron [TRX] bulls appear ready for a leg up as the crypto-asset cut down its weekly losses to a little over 7%. As the chase towards the upside began for most cryptocurrencies, the cumulative market cap held its fort above $1.30 trillion as demand rose.
Tron has failed to post significant moves lately it remained trapped within the incessant consolidation. However, the latest price action catapulted the digital asset back to the 25th spot.
Over the past 24-hours, Tron [TRX] rose by 2.59% which pushed its price to $0.0568. At the time of writing, its market cap stood at $4.06 billion while recording a 24-hour trading volume of $604 million.
Tron [TRX] Daily Price Chart:
The volatility in the TRX market has picked up. However, the dull volume remained a cause of concern. The price faced rejection as selling pressure intensified at the ceiling of the range that has been prevalent for over three weeks. Interestingly, the downtrend was preceded by a death cross between the 50 DMA [Pink] and the 200 DMA [Yellow].
All the moving averages, including the 100 DMA [Blue] were hovering above the candlestick arrangement depicting that the upper hand still lies with the bears.
The dotted markers of Parabolic SAR continued to resist upward price interaction. Besides, the Stochastic RSI underwent a bullish crossover as it bounced from the oversold region depicting a reversal towards the positive side. The movement of the Relative Strength Index [RSI], on the other hand, has been weak after failing to break above the half-line for more than two straight months.
The crypto-asset has so far been incapable of galvanizing investors’ enthusiasm. The above charts depict that Tron [TRX] appears to be primed for a short-term trend reversal before it faces additional hindrances that could challenge the asset’s long-term outlook.
The resistance levels for the asset stood at $0.090, $0.0125, and $0.151. The support levels stood firm at $0.045, and $0.0280 respectively.