Tron [TRX] was pushed to the 25th spot on the cryptocurrency ladder. A week after the price drop has, however, ignited signs of a market uptrend.
Despite the fact that Tron was now struggling in its attempt to move above the upper ceiling, the market-wide positive sentiment could, in fact, be picked up by the crypto-asset.
Tron [TRX] was up by 2.78% over the past 24-hours which pushed its price to $0.0492 on the 3rd of March. At the time of writing, the crypto-asset registered a market cap of $3.54 billion and a 24-hour trading volume of $1.41 billion.
Tron [TRX] Daily Chart:
Tron [TRX] formed higher lows in the daily chart as it eyes to breach a crucial resistance level. If the bulls continue to accumulate at lower levels, the crypto-asset could see a much-needed upward push.
The moving averages also remained pretty much unfazed by the downward price action on the 23rd of Feb leading to up to the first week of March. Despite noting a minor nudge, the 50 DMA [Pink] and the 100 DMA [Blue] settled quite below the TRX price candles supporting from further decline.
In addition, the rising moving averages are a bullish sign.
MACD appeared to be gearing up for a positive flip depicting a weakening bearish momentum as the crypto-asset formed a local bottom.
The Stochastic RSI also noted an uptick from the sell-off zone in tandem with TRX’s price action. Furthermore, the RSI also broke above the 50-median line suggesting a slow increasing sentiment of buying pressure among the investors in the Tron market.
If the bulls can sustain the price above $0.049-level, a bullish comeback could essentially materialize. According to the above charts, TRX is leaning towards the buying pressure, in which case, it could potentially target its immediate resistance of $0.056.
Other resistance levels were found to be at $0.060, and $0.064 while its support points were at $0.044, $0.035, and $0.028 respectively.