- TRON’s price has risen by 0.56% in the last 24 hours.
- TRON (TRX) establishes a support level at $0.05251.
- Recently TRX market has been dominated by bulls.
TRON latest price analysis shows the digital currency has been in a bullish trend after finding support at $0.05251, with the TRX price increasing by 0.56%. After facing resistance at $0.05369 bulls managed to raise the price of the token to $0.05321 as of press time.
Traders and investors expect the bullish momentum to continue, as evidenced by in a 0.24% increase in TRON’s market capitalization to $4,903,406,250 and a 33.29% increase TRX trading volume to $221,616,821 in the last 24 hours suggesting increased market activity.TRON currently ranks 16th in the cryptocurrency market.
The Relative Strength Index reads at 48.63, indicating that selling pressure is exceeding purchasing pressure. This sentiment is nullified by the fact that the RSI is above the signal line (yellow), indicating that the market is bullish and that TRX PRICE will continue to rise in the near future. Traders should take precautions in the short term as a result of the falling RSI indicator falling below 50.
The MACD line (blue) is negative but heading above the signal line, suggesting that the TRX price is advancing and that the positive momentum will continue in the near term. However, the MACD indicator is now reading -0.00016, which is causing concern among traders. The histograms’ negative trend also cautions traders that a reversal is probable if the bulls do not continue to battle.
With a reading of 17.20, the Average Directional Index (ADX) is below the “25” threshold, indicating that bears are attempting to take control of the TRX market in the coming hours. The ADX indicator is also pointing downward, indicating that sellers are exerting pressure on the TRON price, and thus a negative market trend may be observed in the coming hours.
This bullish sentiment is also supported by the True Strength Index indicator, which is above the signal line with a rating of -9.0938; this TSI movement towards the positive region indicates that the bulls are still in control of the market.
It appears that the bullish momentum in the TRON price may continue in the coming hours as the Williams Percentage Range (William%R) indicator shows that TRX is moving closer to the overbought (0) region. Currently, William’s %R is at -39.85, which is very close to the zero line, suggesting that this bullish movement may persist over the next few hours.
Overall, the technical indicators for TRON do not appear to have much of an impact on the price, which is currently moving in a bullish direction.
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