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- TRON price is seeing a consolidated move with a gain of 3.13% today and is ready for the breakout above the triangular pattern
- Technical Indicators suggest a bullish move for TRON.Meanwhile TRX/BTC pair is trailing at the value of 0.0000009813 BTC
TRON price is at the level of $0.05 with a gain of 3.66% in a day. The price of TRX can encounter resistance while going upside at the value of $0.06. The bounceback for TRON can be seen from the level of $0.045.TRON price is above 50 and 100 Days Moving Average. The 50MA (RED) line is at the level of $0.043, making it temporary support for the price. The price is currently in a consolidated move and is assumed to give a positive breakout. If the price crosses below 50 and 100 MA, it would be difficult for it to recover positively.
TRON is currently ranked at 25, with a market capitalization of $5,308,425,289The coin volume went up by 72.68% and is at the value of $1,837,056,249.
TECHNICAL INDICATOR SUGGEST A POSITIVE MOMENTUM DESPITE LOW VOLUME
The weekly technical chart of TRON highlights a bullish move for the coin. TRX price has also seen a gain of 2.2% on the weekly time frame. The daily chart of TRON hints at the start of a bullish move. On coming to the shorter time frame of 4 hours, the coin has formed a triangular pattern. If the price breaks above 7% of the current position, it can see a rally of 18% in upcoming trading sessions. TRX price can also see a new low if it comes below the triangle.
The volume indicator is at 2.28M with the hint of lower buying pressure. If the price climbs above $0.06, then a strong buying volume can be seen.
RSI(Bearish): It is currently at the level of 61.32, showcasing its presence in the overbought zone. There is negative slope formation in the RSI, suggesting the price may see the downtrend. The overall sentiment of the RSI is Bearish.
Both Bulls And Bears Not Ready For TRON
TRON has seen a gain of more than 125% from the start of the year. The TRX/BTC pair is performing negative with a loss of 4.73%. An Investor should do their due diligence before investing.
TECHNICAL LEVELS
Major Resistance:$0.06
Major Support:$0.045
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
