- Tron forms a bullish engulfing pattern after a downslide of over 14 percent yesterday
- Price could breakout as high as $0.18 in the upcoming trend
- Support sits at the current price of $0.09 which is set to be maintained
Tron price analysis shows that the coin is set to form a new trend starting today, that could potentially take price up to $0.18. The new upturn is formed after price fell more than 14 percent yesterday, to a month long low of $0.07.
This downslide pushed trading volume, allowing buyers to consolidate in the market after support was breached at $0.09. This triggered the bullish response from the 28th ranked cryptocurrency, that now sits at a recovered price of $0.094 and continues to rise.
The current newfound bullish momentum is expected to face some backlash near the $0.12 mark. However attempts are expected to breakout towards $0.2. After yesterday’s decline, the price has now moved back above the 50 and 100-day moving averages, while also exhibiting a positive crossover in the intra-day trading session as per Tron price analysis.
TRX followed a recovering larger cryptocurrency market, where Bitcoin and Altcoins showed recoveries from bloodbaths suffered earlier in the week. Bitcoin went above the $47,000 mark while Ethereum pulled past $3,500, each going up by 1.5 percent. Among Altcoins, the biggest increments were seen with Solana (13 percent), Polkadot (10 percent) and Cardano (around 6 percent).
TRX/USD 24-hour chart: Bullish engulfing pattern forms albeit with declining trading volume
The 24-hour trade action for Tron price analysis shows formation of a Bullish Engulfing pattern after yesterday’s decline. However, a worrying sign can be noticed with the descent in the trading volume for TRX, which has fallen more than 50 percent over 24 hours.
This suggests that continuation of the current bullish trend may come to an abrupt end if trading volume at current price does not improve. Price currently sits near the support levels at $0.09, and needs to increase around 15 percent to confirm a new high.
The improvement from yesterday’s decline means price is now well clear of the third Bollinger Bands curve and just below the Simple Moving Average (SMA). The RSI has also improved on the intra-day chart after hitting a high of 73.69 yesterday.
TRX/USD 4-hour chart: Steady recovery in play as price pushes to move past support
The 4-hour trade chart for TRX/USD pair shows steady attempts for price to move past support at $0.09 and gather momentum for a more fruitful push. Price has steadily moved past the middle Bollinger bands curve to stay above the moving average.
RSI has also recovered from a lowly figure of 27.59 set just yesterday. Overall, signs remain favourable for bulls as price begins consolidation after recovering from a serious decline. If the current trading session can push price above $0.10, Tron can initiate a stronger push towards the next mark.
Tron price analysis confirms meaningful recovery from yesterday’s downslide. Price has consolidated just above the support level and is expected to initiate a new trend from here, which could potentially take the coin above $0.18.
In the immediate term, trading volume needs to back the price action for considerable movement upwards and if TRX can conjure around 15 percent increase from current price, it is set for a bullish return past the $0.2 mark.
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