Tron [TRX] has slipped to the 26th position despite several crypto-assets breaking down crucial resistance barriers. While the altcoin did register weekly gains of 17% as it climbed to levels last seen in mid-June, it has failed to outperform its peers this week. Currently, volatility in the TRX marked faded and the asset was now seeing a decreased bullish momentum, which could lead to a sideways movement or even a pullback.
Over the past 24-hours, Tron [TRX] was up by 3.26% which pushed its price to $0.073. At the time of writing, the digital asset held a market cap of $5.28 billion while recording a 24-hour trading volume of $1.09 billion.
Tron [TRX] Daily Price Chart:
The volume has been low since the market underwent a sell-off three months back. This could trap the price action below significant resistance levels. The moving averages, on the other hand, have lost a great deal of steam as TRX rallied for two straight weeks.
The 50 DMA [Pink] shifted its base below the candlestick arrangement shortly after sustaining the death cross. The 100 DMA [Blue] and the 200 DMA [Yellow] continued to hover above the TRX price candles but were closing in on them while also approaching a bearish crossover. If TRX manages to break above these two moving averages, an upswing might lead to a breach of several notable target points.
Following the uptrend, the dotted markers of the Parabolic SAR aligned themselves below the TRX price candles supporting the crypto-asset from a damaging market correction. The MACD also depicted a bullish picture with growing buying demand in the coin market. Similarly, the Relative Strength Index [RSI] also indicated a sentiment of increasing buying pressure among the investors in the coin market as it soared close to overbought territory.
Tron first needs to breach $0.082 to aim for $0.117, and $0.152 resistance levels. Its support points, on the other hand, stood firm at $0.05, and $0.029 respectively.