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•TRX/USD is currently priced at $0.069 and has increased by 8.68% over the past day
•The trading volumes have increased by 47.51% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: TRON Price gaining bullish momentum
The TRON price today is $0.069475 USD with a 24-hour trading volume of $1,071,087,772 USD. TRON Coin is up 8.68% in the last 24 hours. The trading volumes have increased significantly over the past day as a result of increased buying activity. The Volume to Market Cap Ratio stands at 0.1517 for the asset.
TRON Coin price shows a high bullish commitment as the trading volume has grown phenomenally to accompany the price surge. Today’s upward move was strong, as the price surpassed the $0.065 level and settled nicely above the 20,50 simple moving average (4-hours). Hence, the uptrend may shortly reach the $0.077 mark if it sustains above the resistance zone. During the rise, there was a break above a key ascending channel with resistance near $0.0654 on the 4-hours chart of the TRX/USD pair. On the flip side, the support for the altcoin resides at $0.065 in the event of the bears staging a comeback.
Long Term View for TRON
The RSI slope (transacting at 50.38) for TRON skyrocketed into the bullish territory, indicating the aggressive buying in the market. However, the indicator reflects a bearish divergence on the daily chart, projecting some weakness in this bullish momentum. Yesterday, at one stage it looked like price strength was waning but the bulls have come in to save the day. The MACD indicator reinforces the bullish belief and shows the MACD and signal line transacting in the positive zone,with the gap widening between the two. The increasing size of the green histograms also depict the bullish strength of the rally.
Conclusion
The technical indicators in the daily time frame for TRON Coin are bullish. They support the possibility of a breakout from the channel and continuation of the upward movement towards the resistance zone.
Support: $0.065-$0.060
Resistance: $0.077-$0.085
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
