TRX crypto was originally used to work on different existing blockchain, it was deployed on Ethereum as ERC-20 tokens. But somewhat a year after their perception of working on other blockchain changed towards their own blockchain, so this led to the creation of the Tron network.
The thing that keeps Tron tokens more unique than other cryptocurrencies that came in the horde in the last decade, is its environment where content developers after creation, can connect with their audiences hassle-free and directly.
Similarly, it has been on good terms with the market and the retail buyers have shown faith in the crypto, which is a really big thing for a TRX crypto market.
The same positivity on the daily chart price action has also been visible, as its price has been in the inclination mode for the past year and has displayed fantastic performance out there in the market of crypto.
Furthermore, its stats are also bold in the last 24 hours and the most highlighting stat is its trading volume of last 24 hours which has been 439.67 Million, which shows potential buying and selling interest for the Tron and that it is affirmative and surging.
Can Tron Token Keep Up The Pace & Rise?
Likewise, the price action is bullish and trend indicators confirm the scenario as it is above 20- and 50-day EMA bands and shows more buying potential could stretch the price for more upside.
As far as the technical oscillators are concerned, they show a broad positive sign on the ground as well. As MACD shows a strong bullish crossover with a broad histogram value which is above zero line. Meanwhile, the MACD line is at 0.005842, the signal line is at 0.004781, and the histogram value is at 0.001061.
The RSI shows an overbought level already attained and the curve is at 83 which shows extreme and highlights that consolidation is pending which will take the RSI value to relax and turn the curve below 70, after relaxing and taking a halt the price could surge again, that’s what the RSI history for TRX token is highlighted so far.
More on looking at Tron price action it came into sight that in the last quarter, month, and week, it has demonstrated remarkably bold performance on the daily chart as it has surged by 8.78%, 25.29%, and 30.64% respectively, and showing a reliable uptrend.
At press time, the price showing a decline of a mere 0.40% which is not much of a concern the price is at $0.135420 and it seems like if the buyer’s momentum stays at the peak, the price could continue advancing from the current level and rise more upside level and could attempt for $0.200000 in the long run and in-between primary resistance would be the round number on the chart that is $0.150000.
On the other side possibility, that if the price faces buyer’s resistance strongly and seller’s gets activated with enormous momentum. the traction of buyers could lose and the price could slump further. In that case, the support would be $0.120000 and the final line of defense would be $0.100000.
Summary
The price action is bullish and trend indicators confirm the scenario as MACD shows a strong bullish crossover with a broad histogram. Furthermore, the buyer’s momentum stays at the peak, and as per the price action, the next resistance would be the round number on the chart which is $0.150000.
Technical Levels
Support Levels: $0.120000
Resistance Levels: $0.150000
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.
Source: https://www.thecoinrepublic.com/2024/02/18/is-tron-crypto-on-fumes-or-could-advance-spectacularly/