Tron [TRX] Bulls Struggle To Gain Strength Above $0.55

Tron [TRX] recently exited from the top 20 positions by market cap on the cryptocurrency ladder. It risks elongated correction despite its feeble recovery attempt with just 10.53% in weekly gains.

After establishing a multi-year high, Tron faced significant selling pressure which triggered a drop to its immediate support level.

Over the past 24-hours, the crypto-asset faced a minor correction of 0.26% and was trading at $0.052. It recorded a market cap of $3.80 billion and a 24-hour trading volume of $2.23 billion.

Will Tron finally gain strength to aim for higher levels as the altcoin market look for recovery?

Tron [TRX] Daily Chart:

The above daily charts depicted a period of high volatility was likely to continue since TRX rose north of the $0.035-mark.

The moving averages were unfazed by Tron’s retracement. The gauge between the 50 DMA [Pink] and the 200 DMA [Purple] rose as the crypto-asset hit a local top after a two-week-long rally.

The DMAs did not mimic the sideways movement of the TRX price candles that started this week as they formed crucial support points resisting further market downtrend.

The Klinger Oscillator projected a not so optimistic phase for the crypto-asset as the signal line continued to be the dominion after it underwent a bearish flip on the 14th of Feb.

The MACD has, so far, managed to maintain the bullish streak three straight weeks above zero. However, it appeared to be converging which could be a sign of increasing pressure by the bears and an extended sell-off case.

Despite falling from the overbought zone, the RSI, was however, well above the 50-median line depicting a sentiment of buying pressure among the investors in the TRX market.

Tron’s momentum shifted has towards the bearish side. But a damaging correction could be avoided at this stage which, in turn, is likely open up further upsides.

In which case, TRX could eye for its next immediate resistance level of $0.060. Upon crossing this, resistances at $0.064 and $0.072 could potentially come to play.

Moreover, its support levels was found to be at $0.034, $0.029 and $0.026 respectively.

Chayanika Deka: Chayanika is a full-time journalist at TronWeekly with over two years of experience. A graduate in Political Science and Journalism, she focuses on the political and financial impact of cryptocurrency and blockchain developments.