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 swi...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
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 LineThis 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. 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.comWhy this matters
This cryptocurrency story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on NewsBTCRelated market context
Cardano Price Prediction: Whale Activity Jumps as $0.20 Support Sets Up a Potential Move Toward $0.26
Cardano price is trading close to an important support area after another volatile stretch, with price action now beginning to att...
Bitcoin Price Today: BTC Outperforms S&P 500 Above $80K as Fed Interest Rate Decision Looms
Bitcoin was hovering near $81,412 in the latest TradingView readings provided for October 28, keeping the $80,000 level in focus a...
Bitcoin Price Bounces as Nasdaq Soars, KOSPI Rebounds, and FOMC Hike Fears Persist
Bitcoin price is recovering toward $81,000, gaining nearly 2% as buyers return ahead of the Federal Reserve’s FOMC policy decision...
Bitcoin Price Trades Above $81,500 as Fed Keeps Rates Steady in Split Vote
Bitcoin Magazine Bitcoin Price Trades Above $81,500 as Fed Keeps Rates Steady in Split Vote The Federal Reserve left its benchmark...
Zcash (ZEC) Price Prediction: Whale Goes Long Before FOMC Announcement as H&S Pattern Puts $1,350 in Focus
Traders are watching whether Zcash price can break above $1,350, potentially confirming a bullish chart pattern and opening the wa...
Coinbase Sets October 30 Deadline for Restricted Stablecoins in EEA
TL;DR: Coinbase has warned retail users in the European Economic Area to withdraw affected non-MiCA-compliant stablecoins by Octob...