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- TRON price is up by 1.2% in the last 24 hours but an open interest charge of 1% shows weak hands participating in the buying.
- TRON (TRX) price forms a channel pattern in a weekly timeframe after breaking an interesting pattern in the weekly timeframe.
TRON (TRX) cryptocurrency is a decentralized operating system based on blockchain technology launched in 2017 by the TRON Foundation. The purpose behind its development was to provide full ownership rights to digital content creators and them for their work.
Tron price is currently trading at $0.07763. It holds a market cap of $7 Billion making it rank 11th in the crypto industry. It receives a daily volume of $136 Million. The ratio of volume to market cap in the past 24 hours is 1.96%. Also, the open interest is increasing along with the price rising which shows the positive sentiment in the TRX cryptocurrency.
TRON Price Analysis: Is it Going Towards Positive Uptrend?
Tron price was in a correction phase after a bullish rally and was correcting itself by forming a descending triangle pattern with a support area of $0.066 to $0.068.
TRX coin price after getting rejection from 200 EMA made a bullish move causing a breakout to the upper side. It also started forming a parallel channel pattern in the weekly timeframe.
Tron’s (TRX) current market price is $0.078 and it is up by almost 2% from the previous day’s closing which is in continuation with the short-term bullish sentiment. However, the price is consolidating for the last 3 days which is halting the price from further movement in a short-term further breakout which will push the price to continue its rally to the upside.
Hence, if the price consolidates and reverses at this level it may lead to the formation of the head & shoulder pattern in the daily timeframe and the price may come back to test the support area at $0.68 to $0.66
TRON (TRX) Price: Analysis Based on Indicators
Tron price is trading above the 200 EMA which shows bullishness in the market. Also, the price is taking support from 100 EMA continuously after taking pullbacks. Hence, TRX is bullish in both the long term & short term according to EMA.
A crossover can be observed in MACD indicating the end of the pullback & continuation of the uptrend in the short term. Also, histogram bars are forming above the mean line with height increasing confirming the bullish sentiment in the market.
TRX coin price’s current RSI value is 62.87 and RSI is moving upwards along with the price a divergence has formed in RSI after pullback confirms short-term positive sentiment.
Conclusion
TRON (TRX) price is moving slowly and steadily upward after taking rejection from the lower level of the channel it was forming. It got a rejection from 200 EMA and was unable to close below 100 EMA indicating the strength of buyers in the Market. TRX price is expected to encounter resistance at $0.077 and if the price breaks and sustains above it then it may head towards the upper trendline of the channel at $0.093.
Technical Levels
- Support levels at $0.066 and 0.068
- Resistance levels at $0.084 and $0.093
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
