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Wednesday, February 21, 2024

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Tron (TRX) Extends Gains As Prices Break Away From Support Point

While the rest of the crypto market is in a state of frenzy, Tron (TRX) price dominance is on for the second day in a row as its price swerves away from the support line. Tron has had a swift recovery so far.
TRX/USD swished to a 3% jump and intraday high of $0.06631 today in contrast to yesterday’s low that registered at $0.06383. The rebound was seen after TRX has been moving in the red zone for several days now.
The cross signals seen in the daily chart usually hint a downtrend but it somehow triggered a bull run.
Related Reading | Tezos (XTZ) Price Movement Indicates Looming Price Drop
TRON RSI To Cross 49.85 Resistance Line
This will be tested soon as the RSI is seen to cross the 49.85 resistance level. The current price of the TRX/USD pair is at $0.064 and has declined by 2.15% in the past 24 hours. In addition, trading volumes have reduced by 1.89 as seen overnight. TRX bears are seen to ascend in the coming days.
A few days ago, technical indicators all show a bearish perspective for Tron which has to retrieve the resistance level at $0.07 to gain back the confidence of investors and step on the gas for a bull run.
But, it seems the odds aren’t in favor of a bullish standpoint considering that the bears have already been collared in the market. Once the support level is hauled back to $0.06, then it’s the break the bulls needed to reclaim the market.

Crypto total market cap at $1.02 trillion on the daily chart | Source: TradingView.com
Can Bulls Tilt The Boat?
TRON’s RSI is transacting at around 40.85 following the failure to maintain the bullish streak impeding the bears’ dominance. Currently, the RSI line reveals a divergence showing that transactions are happening below the 14-day average line.
With that being said, it means trouble in paradise for the bulls who are eyeing the resistance line. The bears seem to have dominated on the red line but can the bulls tilt the boat? Can TRX beat the selling pressure? Tron is gaining in prices today and the bulls are definitely taking the lead hinting that anything is indeed possible.
Related Reading | BNB Basks In The Green As Price Glows 5.84% In Fields Of Red
Tron has been trying to outstage Ethereum since day one MMCrypto. It’s a platform that supports DeFi applications and smart contracts. Tron is looking to decentralize the internet and outperform Google and Facebook.
Users will need to buy and hold TRX to use the network’s storage, CPU, RAM, and other resources. Following that, users can freely transact on the network.
Featured image from AAX Academy, chart from TradingView.com

Christian Robinson
Christian Robinson
I’m a regular contributor to Forbes, CoinDesk, and Bitcoin Magazine, among others. My work focuses on providing analysis of the latest trends in the crypto industry, as well as offering insights into investment opportunities. I have a strong track record of identifying emerging technologies and assets that can achieve significant growth. As such, I believe that I am uniquely positioned to help investors navigate the ever-changing landscape of cryptocurrency.

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