With the rest of the crypto market in a state of frenzy, Tron (TRX) price dominance is underway for the second day in a row as its price moves away from the support line. Tron has so far recovered quickly.
TRX/USD jumped 3% and hit an intraday high of $0.06631 today, in contrast to yesterday’s low which came in 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 suggest a downtrend, but this somehow triggered a bull run.
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TRON RSI to break through the resistance line of 49.85
This will be tested as soon as the RSI is expected to break through the resistance level of 49.85. The current price of the TRX/USD pair is $0.064 and is down 2.15% in the last 24 hours. Additionally, trading volumes declined by 1.89 as seen overnight. TRX bears are expected to rise in the coming days.
A few days ago, the technical indicators were all showing a bearish outlook for Tron which needs to recover the resistance level at $0.07 to regain investor confidence and step on the accelerator for a bull run.
But, it looks like the odds are not in favor of a bullish view given that the bears have already been caught up in the market. Once the support level drops to $0.06, this is the break the bulls needed to take over 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 trading at around 40.85 following the inability to maintain the bullish streak hampering the dominance of the bears. Currently, the RSI line is revealing divergence showing that trades are taking place below the 14-day average line.
That being said, this means trouble in heaven for bulls looking at 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 price today and the bulls are definitely taking the lead, hinting that anything is indeed possible.
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Tron has been trying to outperform Ethereum since day one. It is a platform that supports DeFi applications and smart contracts. Tron seeks to decentralize the internet and outperform Google and Facebook.
Users will need to buy and own TRX to use storage, CPU, RAM, and other network resources. Then, users can freely transact on the network.
Featured image from AAX Academy, chart from TradingView.com