TRX Price Momentum Shifted To Bullish: Is 15% Uptick Possible?

• TRON Crypto’s 24-hour trading volume has entered the $1 billion club.
• The TRX price has advanced by 10% in the past three days.

TRON (TRX) has gained 118% in the first 3 days of December. However, buyers failed to hold onto the momentum and lost around 40% of their gains the next day. Furthermore, the TRX price has kept declining and has eroded almost all previous gains.

Based on the chart, the TRON price has been declining by forming lower lows and lower highs. However, buyers have bounced back and refused to record a new lower low. Amid this bullish impact, the TRX price has exceeded the 20-day EMA.

Demand for TRX has increased since the middle of January. This suggested that the bearish momentum that has been present since early December has subsided. It opened the door for a bullish recovery.

TRON Spot Flow Analysis

Since the beginning of this week, the bulls have been gaining ground. This was especially noticeable in spot flows, which were primarily positive for the last three days in a row. It proves there was a strong buyback when the TRX price dropped in the first two weeks of January.

In the last three days, the TRON Coin saw spot flows of just over $47 Million. This is a good turnaround, given that spot outflows dominated the first two weeks of the month.

New Milestone for Tron Crypto

The long-term value of the TRX price was significantly impacted by organic demand. The organic demand increased as the number of users on the TRON network rose over time.

Recently, the total number of TRON accounts surpassed 285 million. This number may appear somewhat arbitrary. However, it illustrated how many users are swarming into the Tron network.

The user growth milestone may not directly impact the TRX price action. Market forces are the primary drivers of price action. However, the achievement might increase investor confidence.

TRON Price Analysis Based on Chart

The TRON price was trading at $0.244 at press time, which has declined by 3.59% over the past 24 hours. The market capitalization was $21.14 Billion, and the 24-hour trading volume was $1.04 Billion.

Based on the chart structure, the bearish trend seems to end. The price has surpassed the 20-day EMA. That signaled a reversal. Strong bullish momentum can be anticipated if the price sustains over the 20-day EMA.

On the other hand, buyers might panic if the TRX price dives below the 20-day EMA. Here, a profit booking scenario can be generated. Sellers might dominate and may drag down the price to the 200-day EMA.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.