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•TRX/USD is currently priced at $0.081 and has increased by 2.58% over the past day
•The trading volumes have decreased by 1.92% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: TRON Coin shows sustained gains amid all the gloom in the crypto market
Source: TRX/USD by TradingView
The TRON price today is $0.081247 USD with a 24-hour trading volume of $1,516,150,579 USD. TRON Coin is up 2.58% in the last 24 hours. The trading volumes have decreased slightly over the past few days whereas the Volume to Market Cap Ratio stands at 0.198 for the altcoin.
The crypto market has been trading lower for more than 2 weeks now but TRON has been surging despite the market crash. On the more local timeframes we can see even more bullish indications as the altcoin is transacting above the 20,50 SMA on the four hour chart. The continued surge could help the altcoin breach the nearest resistance placed at $0.086, which could provide a launchpad for the bulls scale the resistance placed further away at $0.10. TRON Coin now has the momentum to rise towards critical resistance levels which could then take it to all-time highs. On the flip side, the support for the asset is located at $0.075 in the event of the altcoin experiencing bearish pressure.
Long Term View for TRON
Source: TRX/USD by TradingView
The RSI for TRON Coin is currently standing at 56.97, and the altcoin seems to be heading towards the overbought territory in spite of a stall in momentum over the past few days. The average line for 14 days shows a bullish trend in action and is over the midpoint line. A bullish crossover has occurred on the daily chart as a result of which, the histograms have turned green. The bullish scenario is playing out in the market for TRON Coin as is demonstrated by the MACD and signal lines transacting in the positive zone.
Conclusion
Hence, the technical indicators for TRON Coin represent a solid underlying bullishness that is ready to overcome the selling pressure at $0.086. However, a rejection from this level may delay the breakout for quite some time.
Support: $0.075-$0.070
Resistance: $0.086-$0.10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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