Tron Drives Positive With the Overall Market Conditions Amid Consolidation

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • Tron performed positively on Friday’s trading session within the consolidation price range 
  • However, the TRX/BTC pair is still negative with a loss of -0.50% bringing the current price level to 0.000000236 BTC

Tron is again having a revival on the positive momentum with an overall gain of 2.63% within the price consolidation range between $0.025 to $0.030. The market capitalization is at $ 1,844,957,917 and the 24-hour volume traded of $ 1,244,515,870. 

Source: Coinmarketcap

As the price levels indicate from the intraday trading chart, the positive move hasn’t created that much significant impact in the market as the ongoing consolidation for TRX has become quite concrete. The price levels are stuck between the support level of $0.025 and the resistance level of $0.030. At the starting of September, the altcoin was able to break above the resistance level of $0.030 but the overall market conditions later brought the levels down again. Any movement below or above the consolidation range can only bring new momentum to the crypto asset. 

Technical Levels Favoring Consolidations for Tron 

Source: Tradingview

The technical chart highlights the downtrend faced by tron from the month of September that ended resulting in price consolidation. The price levels had a positive breakout at the starting of the month which presented hope in the market for price recovery actions. However, the positive move did not even test the resistance placed at 0.236fib level indicating that it can be a scenario of a pump and dump activity in the coin. Afterward, the consolidation continued for the crypto asset in the market. 

RSI levels failed to sustain the bullish levels provided by the positive move. The current level is at 55.69. 

CCI levels made a recovery from the oversold region and are currently moving positively. The current level is at 129.54.

Where Tron can be headed? 

It is quite hard to expect that the consolidation phase will be over for the cryptoasset with the current positive move. Tron is expected to stay in the consolidation range until the overall market presents itself with major price recovery actions or vice-versa.  

RESISTANCE LEVEL: $0.030

SUPPORT LEVEL: $0.025

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

We Recomaned

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners