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TRON Price Analysis: TRX Price Surged 39% in 12 Days, Bulls are Back to Support the Ecosystem

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  • The TRX price is all set for a recovery, an uptrend movement has begun over the daily chart.
  • The crypto asset is moving below the 20, 50, 100, and 200 daily moving average.
  • The TRX/BTC pair is at 0.000003028 BTC with a loss of 0.75% in it.

TRON is a decentralized blockchai_based operating system developed by the Tron Foundation. Originally TRX tokens were ERC-20-based tokens deployed on Ethereum, but a year later they were moved to their own network.TRON has positioned itself as an environment where content creators can connect with their audiences directly.

The TRX price after a strong downtrend movement is now at an uptrend movement but flattering over the daily chart. This signifies the bulls have accumulated to rescue the token the price is a bit flattering but if the bulls will remain consistent it is not a matter to worry. The price surged 39% in 12 days amid the bullish dominance. The TRX price is following a pattern followed by the traditional cryptocurrency BTC, the overall crypto market is gaining together indicating this may be the time for the return of bullish dominance

 The current price for one TRX coin is moving at 0.064 USD with a loss of 1.05% in its market capitalization in the last 24 hrs. The coin has a volume of 400 million which is at a loss of 26.48% in the 24 hrs trading session and a market cap of 6 billion. The volume market cap ratio is 0.06673.

Let’s See What do Technical Indicators Suggest for TRX

The volume is moving way below the average and bulls need to take care of it as it can interrupt the recovery. Whereas the technical indicator like MACD just now gave a positive crossover and now the MACD line is moving above the MACD signal line indicating the increase in buyings.

The relative strength index is not giving any directional indication but the stochastic RSI is indicating for a bullish rally further. The RSI value is below 45.

Conclusion

The TRX price after a strong downtrend movement is now at an uptrend movement but flattering over the daily chart. The TRX price is following a pattern followed by the traditional cryptocurrency BTC, the overall crypto market is gaining together indicating this may be the time for the return of bullish dominance. The technical indicators superficially suggest a bullish rally.

Technical levels

Resistance levels: $0.066 and $0.069

Support levels: $0.062 and $0.059

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.

ALSO READ: SHIB Skyrocketing To New Heights

Steve Anderrson

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