Despite renewed uptrend, Tron [TRX] has failed to retain its position as the 20th-largest token by market cap in the cryptocurrency ladder. Over the past week, even as Tron has amassed gains of more than 44%, it failed to move through the several pivot levels which have left key support levels in play.
Days after showing positive signs, Tron’s consolidation faced serious rejections at points that were crucial for an extended uptrend.
Meanwhile, Tron was now trading at $0.0526 after sustaining a correction of 9% over the last 24-hours. At the time of writing, the crypto-asset recorded a market cap of $3.82 billion and a 24-hour trading volume of $3.81 billion.
Tron [TRX] Daily Chart:
Even as Tron breached a multi-year high, it still has a long way to go to reach its ATH. The above daily chart pictured the formation of a local top which could imply that the bulls are in for a breather in the near-term.
No drastic movements were depicted by the moving averages which continued to hover below the TRX price candles. The gauge between the 50 DMA and the 200 DMA was also steady which did suggest room for further upside in the token’s price in the coming days. The technicals, however, had a different story to tell.
The Klinger Oscillator suffered a bearish crossover on the 14th of February after maintaining a positive streak for more than two weeks in tandem with TRX’s price.
Similar was the case with MACD. After weeks of remaining on the bullish side of the histogram, the indicator appeared to be converging with the signal line which could result in a bearish crossover in the near-term. This depicted a declining buying demand.
The RSI also bounced from the overbought zone as the price established a high not seen since mid-2018. While the buying pressure was still intact, if the RSI drops below 50-median, sell pressure could once again overpower the coin.
Resistance levels to look out for were found to be at the recently breached $0.062. Further target levels stood at $0.0725 and $0.0921 while TRX’s support levels were at $0.033 and $0.0288 respectively.