TRX was among the few crypto assets that exhibited significant increases through June and then remained strong during the early July selloff.
This week, the coin climbed above the significant moving averages and marking a positive trajectory. Amidst the bearish market moves, the coin gained traction and continued to rise. It is eyeing the primary cluster of $0.1500.
TRON (TRX) Exhibited Strength on Daily Chart
For the past two months, TRX was between $0.120-$0.150. Last week, it rose over 12%, making a golden crossover.
At press time, TRON was trading at $0.1342 with an intraday surge of 2.96%, reflecting bullish momentum on the chart. It has a monthly return ratio of 14.300% and 73.20% yearly, reflecting a short term uptrend.
TRX/BTC is at 0.00000230 BTC, and the market cap is $12.04 Billion. Analysts are neutral and suggest that TRX may register a range breakout and retain the mark of $3.
Generally, a long consolidation breakout has massive upper targets, the primary hurdle being placed at $0.1500, followed by $0.180 which could be tested by the bulls shortly.
RSI curve was in the overbought zone, displaying an uptick, reflecting the chances of follow-on buying ahead.
Interestingly, it showed a negative price correction of 0.66 with BTC, implying that, during the selloff in BTC, significant traction was gained by the TRX coin, which happened in the last few weeks.
Since June, Bitcoin (BTC) saw a retracement of over 17% from $70k, while TRX coin has gone opposite to it and surged over 20% in the last 20 trading sessions. This significant jump boosted investor confidence to hold TRX in the bearish market.
Surge in Popularity
Following the price rise, its social dominance data exhibited a sharp spike, soaring over 75%, revealing the increased investor interest on social media platforms.
Furthermore, the weighted sentiment data revealed intense fluctuations and showed a dip, signifying the speculative move. Data from IntoTheBlock indicated that over 96% of its holders were profiting.
Going forward, the buying pressure and positive sentiment signifies the up move was genuine and the TRX coin could resume the bullish wave ahead. Its daily and weekly charts gave a crystal clear breakout and outperformed the crypto market.
Growth in New Addresses
Since June, the total number of addresses and new addresses significantly increased. In a recent tweet, Justin Sun, the creator of TRON, conveyed optimism for the coin.
Per the Fib levels, the coin trades above the 50% zone and is still below the 61.8% zone which stays near $0.1500.
Total Liquidations Chart
At the time of writing, the short liquidations were at $135k, while the long liquidations were only $18k, signifying the bullish trend. The immediate support levels for the TRON are $0.1300 and $0.1230, whereas the key upside hurdle is around $0.1450 followed by $0.1500.
TRON climbed above the significant moving averages, reflecting bullish momentum on the chart. Moreover, the trend is bullish and the coin could persist in ascending the bullish rally ahead.
