October has done little to help Tron’s [TRX] price action. At a global market cap of $2.166 trillion, the charts are flashing green but Tron appeared to be on the verge of exiting the top 30s crypto-assets. It was unable to make a challenge on the $0.1 level and settled below it. It had accumulated weekly gains of 12.53% following which the crypto-asset’s upward momentum stalled. The overall volatility in the coin market is also low.
Over the past 24-hours, Tron [TRX] was up by 4.01% which pushed its price to $0.095. At the time of writing, the crypto-asset recorded a market cap of $6.87 billion and a 24-hour trading volume of $1.37 billion.
Tron [TRX] Daily Price Chart:
TRX’s price movement was underwhelming and the low trading volume did not help its case. The 50 DMA [Pink] briefly breached the price of candles. However, if TRX manages to climb higher, chances of recovery would increase. On the other hand, the 100 DMA [Blue], and the 200 DMA [Yellow] continued to hover below the candlestick arrangement.
Another cause of concern was its low trading volume as the price entered a consolidation phase.
The decreasing green closing lines of Awesome Oscillator [AO] depicted a fading bullish momentum in the market. The Chaikin Money Flow [CMF] fell sharply to the negative zone signaling a massive outflow of capital from the coin market. The daily Relative Strength Index [RSI], on the other hand, kept a low-profile even after moving above the 50-median line as sellers continued to dominate the price.
If Tron [TRX] surges past the 50 daily moving average, it could target the immediate resistance of $0.105, a breach of which could bring $0.121, and $0.136 levels at play. The support area of $0.08 is a crucial one. However, an increase in sell pressure could result in a breach of the said level following which TRX could find support at $0.06, and $0.05 regions respectively.