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Monday, September 20, 2021

Tron [TRX] Struggles Near $0.14, But Bullish Signals Persists

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Tron [TRX] has managed to hold on to the 20th position in the crypto leaderboard. It had sustained a major correction against the US Dollar in April. Following a week-long consolidation, the digital asset managed to steer clear of the immediate resistance of $0.13 and eye recently hit multi-year.

It accrued gains worth 16.25% over the past seven days, after being on a steady recovery route. The latest push coincided with Tron Foundation’s partnership with DAO Maker.

After rallying by 10.25% over the past day, Tron [TRX] pushed its price to $0.143. At the time of writing, the crypto-asset registered a market cap of $10.28 billion and a 24-hour trading volume of $5.54 billion.

Tron [TRX] Daily Price Chart:

TRX 1

The price seemed to be struggling to hold the current level. The converging Bollinger Bands on the 24-hour Tron [TRX] chart evidenced a period of low volatility in the coin market. Meaning, an abrupt trend change on either side might not transpire in the near-term.

On the brighter side, the upward movement of the price found significant support from the volume which also noted an uptick after laying low for nearly two weeks.

TRON

TRX’s chart also depicted a phase of low but bullish momentum in the coming days as closing bars of Awesome Oscillator turned green. In line with this, the MACD also flipped to bullish crossover on the 5th of May and the rising gauge was indicative of a increasing buying demand by the market participants.

The RSI was also well above the 50 median line despite being turned down from the overbought conditions. This indicated a sentiment of buying pressure among the traders in the TRX market.

Tron [TRX] is suspected to head higher as sell signal did not deter the bulls. In this case, the asset is likely to face resistance at $0.164. The support levels, on the other hand, were found to be at $0.111 and $0.086 respectively.

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