The cryptocurrency market has been enjoying a substantial bullish run over the past week as the sentiment has become positive. As the price of major altcoins begins to surge, more and more investors have decided to place their faith in the world of virtual assets.
Tron, the Justin Sun founded cryptocurrency had fallen below it’s ranks over the past few months but since the last week of August, the token has been on the upswing. Over the past 24-hours, the 13th ranked cryptocurrency has risen by over 20 percent with the market cap aiming to break it into the top 10 club.
At the time of writing, Tron was trading for $0.0360 with a total market cap of $2.61 billion. The double-digit growth has also elevated the 24-hour market volume of $2.74 billion. In the past week, Tron surged by 56.24 percent- the second-biggest gain in the top 20 club after NEM. Only Ethereum’s gain came even close to Tron’s with a weekly gain of 24.6 percent.
A technical analysis of Tron showed that the cryptocurrency was going to be enjoying a bullish trajectory for some more time. The Relative Strength Index had broken above the overbought zone over the last week. This was an indication that the buying pressure had increased significantly causing more people to buy more TRX tokens.
The Chaikin Money Flow indicator also pointed to the bullish side. The graph had jumped much higher than the zero line, a sign that the capital coming into the Tron market was more than the capital leaving the market. This was indicative of the usual pattern where more people fall into the crypto sphere whenever there is a price increase.
Even the Bollinger bands indicated a bullish upswing for TRX. The upper Bollinger band and the lower Bollinger band both diverged from one another. If this trend continues, there would be another price breakout soon.
It is not yet confirmed if the bullish run would continue, but it certainly is a good time to look at it as an investment opportunity. Justin Sun and the Tron Foundation would also agree that the price is reflective of the developments occurring within the cryptocurrency organization.
