The Value of Tron (TRX) Is Consolidating Higher As the Bullish Pressure Sets In

The value of Tron (TRX) recently reflected the presence of the bulls in the market, as it surged over the upside of its falling wedge pattern. The digital currency is now trading well over its previous resistance level and it’s establishing a near-term upward trendline.

TRON (TRX) Price Today – TRX / USD

Name Price24H (%)
Bitcoin (BTC)
$6,509.52
1.38%
TRON (TRX)
$0.021120
7.55%

At the time of writing, Tron (TRX) is trading at $0.0369 after an increase of 2.45 percent over the past twenty-four hours. The digital currency is ranked 11th with a market cap of $2.41 billion and a trading volume of $212.52 million over the past twenty-four hours.

Tron (TRX) Price Analysis

The longer-term 200-Day simple moving average is still above the 100-Day simple moving average at the moment, but the space between the MAs has closed enough to hint at the imminent bullish crossover. This could result in more buyers and sustain the upward trend, especially since the value of the digital currency is moving over the dynamic inflection points of the moving averages.

Nevertheless, the relative strength index is already in the overbought territory and it is gradually heading downwards so the price of TRX could follow suit. Also, the stochastic oscillator seems ready to head south to indicate a return in selling pressure.

If this happens, the value of the digital currency could still make a pullback to the bottom of the new channel close to the $0.035 level and the moving averages (MAs) before resuming its upward trend. A larger correction could lead the digital currency to retest it key resistance, and this will attract more buyers and open doors for more gains.

The increase in values went across the digital currency market, as almost all the top digital currencies are swimming in the green for the past couple of hours. Even the largest digital currency in the market – Bitcoin (BTC) saw an increase of over 5 percent over the past twenty-four hours.


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