- Tron went up 13 percent on intra-day trade to hit the crucial resistance point of $0.1
- Bulls looking to consolidate in a recovering crypto market where TRX could hold above $0.12
- Trading volume decreased over 22 percent for TRX as price pushed up
Tron price analysis for the day highlights a recovery for the token past its resistance point of $0.1. TRX increased more than 13 percent over the past 24 hours to go as high as $0.1006 and sits at $0.098 at the time of writing.
The uptrend comes in timely for Tron, following a spell of bearish behaviour since Justin Sun tweeted a teaser about something big coming up at TRX earlier in the month. Price slipped as low as $0.07 and has been struggling to consolidate since. The only worrying sign in the current market is the declining trading volume, that slipped over 22 percent over 24 hours.
The larger cryptocurrency market recovered from losses suffered earlier in the week, led by Bitcoin’s revival of over 3 percent to go back past $44,500. Ethereum pushed past $3,100 with a 4 percent increase as Altcoins also showed significant recoveries.
TRX/USD 24-hour chart: Bullish Engulfing pattern forms as traders enter the market for TRX
On the 24-hour chart for Tron price analysis, a Bullish Engulfing pattern can be seen forming after a lengthy set of red candlesticks spanning since September 16. Price moved above the 20-day Exponential Moving Average (EMA) at $0.099 and looks set to carry the momentum past the resistance point of $0.1. From here, TRX will look to consolidate just under $1.2.
The Relative Strength Index (RSI) value of 50 suggests there is still room for buyer momentum in the token. Once the current trend is solidified with buyer interest, TRX could also be headed past $1.2.
TRX/USD 4-hour chart: Price moves above 20 and 50-day EMA
Technical signs are looking favourable for TRX on the 4-hour chart as price moves ahead of 20 and 50-day EMAs after easing around the resistance point of $0.1. The RSI value of 52 suggests that bulls will consolidate further momentum to push price above resistance level till $0.1033.
A pullback may be witnessed at this point, pushing price back to the psychological level at $0.1. The new support in this scenario will be set at $0.0955.
Tron price analysis conclusion
Technical indicators for Tron price analysis confirm that the token is set for a bullish run, along with the recovering larger cryptocurrency market. Price still remains well below the September-high of $0.127, but the current trend has room for further momentum that will be set after some consolidation around the $0.1 resistance.
Price is set to go further up over the next trading sessions and for incoming traders, now is just about late to enter the market for TRX.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.