Tron [TRX] is yet to catch up to the massive bullish wave that many altcoins were riding for the past several weeks. Its weekly gains have totaled a mere 5.38% especially at a time when several coins posted double-digit gains over the same period, leaving it to fall to the 18th position in the cryptocurrency ladder.
Despite maintaining its position in the green territory, the coin is yet to establish a major break. Over the past 24-hours, Tron [TRX] noted a minor increase of 1.46% which placed the crypto-asset at a value of $0.0284. At the time of writing, it has recorded a market cap of $2.02 billion and a 24-hour trading volume of $1.286 billion.
Tron [TRX] Daily Chart:
Tron’s [TRX] daily chart indicated indecision as bulls and bears continued to battle it out for supremacy. The moving averages depicted a close battle as correction ensued. The 50 DMA [Pink] slid above the TRX price candle while the 100 DMA [Blue] appeared to be moving closer to depicting a bearish phase for the coin, If the candle closes below the 50 DMA, it would indicate that bearishness has outweighed and that the crypto-asset could retrace to lower levels.
Fibonacci Retracement also depicted major levels of resistance for the coin.
The MACD indicator underwent a bullish crossover above zero which evidenced a strong positive signal. A move by the indicator after a prolonged period of time hinted that the Tron could be poised for gains in the near-term.
The Stochastic RSI, however, underwent a bearish crossover a little below the overbought zone, which depicted that local highs triggered a minor sell-off. The RSI was also below the 50-median line indicating a persistent sell pressure in the coin market.
Tron’s price surge was mostly backed by significant bullish sentiment around Bitcoin. It will be interesting to see if the coin is able to hold on to its bullish momentum in the coming days. It found significant resistance at points $0.03, $0.035, and $0.04 respectively while it found support at $0.023.