Can TRX Crypto Price Sky Rocket Soon & Jump Hurdles?

• The RSI and EMAs are portraying a bullish outlook regarding the TRX price.
• The Tron crypto experienced a surge of 0.32% in the last 24 hours, trading at $0.114760.

The TRON derivative data analysis highlights that the open interest is $60.87 Million. As per Coinglass, another crypto analysis website, it fell by 0.93% in the previous session.

The long versus short ratio for 24 hours is 1.0734. The short liquidation is $117.06 K versus $14.16 K for the long liquidation.

TRX plummeted by 0.10% in market value and plummeted by 14.24% in trading volume in the last 24 hours as per CoinMarketCap, a crypto data analysis website. Its market value is $10,112,350,417 and its trading volume is $246,956,713. There are 88,159,487,010 TRX assets in circulation.

Examining the Tron (TRX) Price Chart

On observing the price structure of the TRX crypto it has revealed a strong sign of recovery as the price spiked from a crucial level of around $0.110000 on the charts.

No, it looks like, the TRX crypto is set for a colossal surge to reclaim upper levels, as it gears up to crack the resistance level and rocket to new peaks in the Tron chart from the current support zone.

The TRX asset is exhibiting bullish strength and shows the rising capacity of the dynamic supports of the colored bands on the charts, as it holds above major 20 and 50-Day EMAs.

Furthermore, the TRX crypto asset is displaying bullish behavior as MACD is above the zero line and it has cut the signal line from below, this shows a bullish cross and a great rising potential on the chart.

The RSI is not near the 70 level yet, meaning that the asset is not facing much resistance yet and can extend its gains, this shows the potential for price advancements as well. Meanwhile, the RSI is at 65 and 14- SMA is at 57 and the RSI curve is taking support on the 14 SMA.

On the overall analysis, the TRX crypto asset is showing bullish signs and has the potential to grow further. It has performed well in the past week, month, and quarter, 3.81%, 8.59%, 21.30% respectively, indicating a strong uptrend.

At press time, the Tron crypto is experiencing a minute surge of 0.32% in the last 24 hours, trading at $0.114760.

Therefore, if the demand for the remains high, the TRX asset price could bounce back from the current level. The next goal for the price is to reach $0.140000.

However, if the Tron crypto price fails to stay above the $0.110000 level, it could decline further.

Summary

On observing the price structure of the TRX crypto, it has revealed a strong sign of recovery as the price spiked from a crucial level of around $0.110000.

Moreover, the technical parameters of the Tron price suggest the continuation of the uptrend, contingent on the buyer’s surge, over the daily time frame chart. The RSI and EMAs are giving a bullish outlook for TRX.

Therefore, if the demand for the remains high, the TRX asset price could bounce back from the current level. The next goal for the price is to reach $0.140000.

Technical Levels

Support Levels: $0.110000

Resistance Levels: $0.140000

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.

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.