Tron, [TRX], saw a major breakthrough last weekend amidst market-wide pullback. It rose to the 21st-position on the leaderboard after weeks of struggle to lift its price up. It rose by more than 30% over the past week which facilitated in steering clear of several crucial resistance levels by the crypto-asset.
The latest surge was accompanied by Hollywood Actress Lindsay Lohan’s endorsement, as well Tron Foundation publishing its own NFT standard details over the week.
Over the last 24-hours, Tron [TRX] was up by 7.31% which catapulted its price to $0.064. At the time of writing, the cryptocurrency held a market cap of $4.63 billion and a 24-hour trading volume of $2.404 billion.
Tron [TRX] Daily Price Chart:
Tron’s price was currently in a highly volatile phase following the price movement. Despite forming a multi-year high, the crypto-asset was still below its ATH established during the bull run of early 2018.
The rising price candles were was supported by the 50 and 100 daily moving averages which were also sloping up Further validating the presence of bulls was the fact that the 100 DMA [Blue] continue to lay low and was well below the 50 DMA [Pink] as well as the TRX candlesticks.
Super Bullish Technicals
The Chaikin Money Flow was in a positive territory above zero depicting an inflow of capital into the coin market.
The OBV also indicated the steadily growing demand behind TRX since its drop in late Feb. It has been trending higher since which would aid in the token’s recovery towards previously established high and possibly closer to breaking to a new ATH this season.
The RSI also rose closer to the overbought zone indicating a rising sentiment of buying pressure in the TRX market as the price rose.
The above charts depicted that bulls have an edge in Tron’s price and a significant room for further highs. In which case, $0.072 and $0.080 were found to be immediate resistance levels. However, this positive assumption could be negated if TRX turns down and breaks below the moving averages. Such a move could drop the crypto-asset to target its nearest support levels of $0.05 and $0.045 respectively.
Published at Mon, 22 Mar 2021 14:39:51 +0000