The cryptocurrency market seems to have come out of its price slump with almost all the seeing price hikes. Popular cryptocurrencies like Bitcoin [BTC], XRP and Tron [TRX] all saw trend changes, lifting the prices above the level it was languishing in for a long time. Tron has been on quite the developmental roll for some time and the price hike has made the Tronics community exuberant.
At the time of writing, Tron was growing by 2.7% with a total market cap of $1.581 billion. The cryptocurrency was trading for $0.0241 with a 24-hour market volume of $81.699 million.
The Tron trend lines show a clear uptrend, taking the price from $0.0232 to $0.0242. The price support for the cryptocurrency has been holding at $0.0215 while the resistance at $0.0257 has not been broken yet.
The Bollinger bands on Tron point to a clear divergence of the upper Bollinger band and the lower Bollinger band, which is indicative of the price hike. The expanded Bollinger cloud has come after a long sideways price movement interval.
The Awesome Oscillator [AO] has taken a turn for the better, showing an increased surge in the graph. The surge is a sign of the market momentum picking up in the cryptosphere.
The one-day TRX graph shows a major downtrend in prices compared to its peak in the earlier months. The support has been consistently holding at $0.0179 in a time period where the downtrend brought down the price of Tron from $0.05729 to $0.0241.
The Relative Strength Index [RSI] points to the graph edging towards the overbought zone. The spike towards the upper zone is a sign of the buying pressure of the cryptocurrency being more than the selling pressure.
The Chaikin Money Flow [CMF] indicator after crashing towards the bottom of the graph has slowly taken an upward path. The upward movement of the CMF graph tells that the money from the investors is coming into the market after a positive investor sentiment change. However, as of now, its still in the bear’s territory.
Tron’s price increase may result in the price support being lifted from its earlier levels. The Bollinger bands, AO, and the RSI all point to a gradual rise with sporadic sideways movements interspersed in the Tron market.
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Author: Akash Anand