Will TRX Price continue its bull trend?

The TRX coin is seeing a significant increase in buyers within the last few months. According to DefiLama the fees and revenue of TRON tokens reached their all-time high near late April which indicates that a significant number of buyers have been onboarded with the TRON platform. 

The TVL (Total Value Locked) has been moving at an all-time high level showing the trust of buyers within the token. The present TVL of TRON is 5.5B observing a change of 1.24% within the last 24 hours. In comparison to TVL, the price of TRX is seeing a sharp decline

Steady Increase in Fees and TVL of TRX Token

The Investors are showing a decline in their interest in the TRX token across most of the social media platforms according to total social engagement metrics provided by LunarCrush. The Total Social Engagement rate is experiencing a decline of 15.64% within the last few weeks. Though there is a positive surge in Social Dominance of 6.54%.

Social Engagement and Dominance Comparison of NEO Token

The majority of the market sentiments are observing a significant decline since last week, The current value of market sentiments in the greed and fear index is 52 points. It is seeing a decrease of 12 points within a few weeks where the sentiments were at 64. As per the greed and fear index, provided by the Alternative (dot) me platform.

Most of the cryptocurrency exchanges are currently witnessing a fierce struggle between the buyers and sellers where the buyers are prominent around some exchanges. The buyers are dominating 50 – 59% of the market across the majority of the exchanges.

Technical Analysis (1-Day Timeframe )

The RSI line has recently taken a reversal from the median line; it is crossing above 14 SMA. The current value of RSI is 59.99 point’s which is trading below the 14 SMA. The current value of 14 SMA is 59.27 points. The RSI line is taking a bullish turn though as it is trading near the overbought zone a negative reversal is possible in near future.

Presently, the Stochastic RSI is also indicating a bullish reversal through the median line. %K line is giving a positive crossover to the %D line. The current value of Stochastic RSI is 49.73 points. 

Conclusion

 Analysing various technical metrics it can be estimated that the TRON price is bullish regarding the future trend. 

Technical levels –

Support -$0.06600

Resistance – $0.07500

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish 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 and 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.

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