The mild recovery of the crypto market to $1.40 trillion, has catapulted the price of Tron [TRX] along with the rest of the altcoin market. Over the past couple of days, the digital asset has attracted profit-booking by short-term traders and shorting by aggressive bears which extended its weekly losses to 7.07%. It would be interesting to see if the latest bullish trend can help the coin break above the tight price range.
However, Tron [TRX] noted a minor change of 0.78% on the upside and was currently trading at $0.062. At the time of writing, the crypto-asset registered a market cap of $4.45 billion and a 24-hour trading volume of $573 million.
Tron [TRX] Price Analysis:
TRX continued to hover quite below the moving averages and was trapped below a significant level. The digital asset slipped after the death cross that transpired on the 8th of July. If the TRX price candles manage to move above the downsloping 50 DMA [Pink], that would be a significant feat, following which 100 DMA [Blue] and the 200 DMA [Yellow], are other levels that the crypto-asset will need to target to reclaim the previous highs.
The dwindling trading volume in the market can be a major hurdle from achieving a bullish outcome.
Despite hints of bullishness in the Tron market, the buying demand has faced massive obstacles. The Chaikin Money Flow [CMF] has been struggling near the half-line for almost a month depicting that a capital inflow was constantly met by an outflow. The Relative Strength Index [RSI], continued to tread below the 50-median line as selling pressure continued to sway the TRX market.
Similarly, the Klinger Oscillator [KO], also depicted a phase of increasing bearish pressure in the market.
The overhead resistances stood at $0.09, $0.125, and $0.151 while the support levels for the crypto-asset were found to be at levels of $0.045, and $0.028 respectively.