TRON on the Rise, Will  Bull Rally Continue?

The TRX price recently made a new high near $0.07600 in its uptrend after breaking the consolidation zone. The price at present is seeing an increase of 7.82% within the last week. It is trading near the supply zone, after trading under bullish optimism for the past few weeks the price action and technical indicators are suggesting that it may take a bearish correction before making a new high. In the previous analysis, it was indicated that as the price has given a breakout through the consolidation channel it may continue its uptrend.

The current value of the TRON token is $0.075. It has a Market Cap of $6.78B.

Technical Analysis (1-Day Timeframe )

The RSI line is moving near its oversold zone around 72.76 points after taking support from the 14 SMA. The value of 14 SMA is 60.53 points. As the RSI line is trading near the overbought zone, a negative reversal in the near future is more probable.

At present, the Stochastic RSI is also following the RSI’s lead. It is about to reach the supply zone on a daily and weekly timeframe. The %K is steadily approaching the previous resistance level leading the %D line. The value of Stochastic RSI is 100.0 points. 

A Steady Rise In The Users, Fees, and Revenue

The Fees and Revenue of the TRX coin are on the rise according to DefiLama. For the past few months, the revenue of the token has been moving near its all-time high level and this month the steady increase of the candle indicates the results will be the same which may bring a positive impact on the price.

A Rise in Revenue and TVL of TRX Token

The TVL of Tron coin is currently projecting bullish sentiments from the buyers. The value has been moving near its all-time high for the past few months and it is gaining constant buyer support near 4B USD. The TVL of Tron is 5.44B. The Revenue is also shadowing the TVL line. 

Conclusion

The majority of the technical indicators are bullish. Though oscillators are near their overbought levels which indicates that the price is overvalued at present and may correct itself in the near future. Both of the indicators are giving the same indication on daily and weekly time frames which strengthens the prediction.

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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