Tron, TRX has managed to rake in more than 10% in weekly gains even as the wider crypto market continued to trade sideways. The latest price action has catapulted the token to rise up to the 23rd position briefly before falling one spot lower as volatility in the coin market ensued.
It pumped significantly higher in the past week, as opposed to other tokens, as the foundation published NFT standard details.
Tron rose by 2.02% over the last 24-hours following an increase in terms of its trading activity as volumes soared to $1.83 billion during the same time frame. The crypto-asset was trading at $0.0655 while holding a market cap of $4.76 billion, at the time of writing.
TRON [TRX] Daily Price Chart:
Tron [TRX] resumed its upward trend after recovering from the late-February pullback to climb to new multi-year highs even after a short-lived tryst with the bears.
The upward sloping moving averages also aligned with the ongoing bullish sentiment as both 50 [Pink] as well as the 100 DMA [Blue] hovered quite the TRX price candles establishing crucial support points.
Buying Pressure Intensifies
Tron’s technicals have gained considerable traction once again. Even during the time of high volatility, the long green candles of Awesome Oscillator depicted continued bullish momentum. The OBV continued to register higher highs as buying pressure steered the price north from levels last seen during the recent correction.
The RSI pointed north of the 65-level and depicted a strong buying pressure among the investors in the market. However, the crypto-asset still has a long way to go before it shoots up to the overbought zone. This was essentially indicative of the fact that the bullish momentum might not falter under current circumstance.
As depicted by the charts, the immediate targets for the bulls resided around the $0.089-mark, while the next one was at $0.092 respectively. The support levels, on the other hand, rested at $0.054, $0.0449, and $0.027.