TRON (TRX) Bulls Defend Intraday High: Positive Trend Continues
- The bullish trend of TRON is gaining momentum with the increase in market capitalization and trading volume.
- The Bollinger Bands are widening, indicating increasing volatility and potential for upward momentum.
- Strong positive momentum, a change in KST and ROC suggest that TRX might break through resistance levels.
After finding support around the intraday low of $0.06853 in the previous 24 hours, the uptrend of the TRON (TRX) market has regained control. Following this positive pressure, the price reached a session high of $0.06978. The bulls held and even pushed the price higher, with the day ending at $0.06945, a gain of 1.30%.
During the rally, market capitalization and 24-hour trading volume increased by 0.86% and 12.09%, respectively, to $6,353,223,872 and $221,722,321, respectively. This growth in market capitalization and 24-hour trading volume suggests a bull market as buyers attempt to purchase TRX tokens. As a result, the demand for TRX strengthened and the bulls successfully defended the intraday high of $0.06978, suggesting that the positive trend will continue.
24 hour price chart (source: CoinMarketCap)
In the 4-hour price chart, the Bollinger Bands are rising, with the upper band at 0.07025058 and the lower band at 0.06780693, indicating that the uptrend for TRX is gaining momentum. When the Bollinger Bands move apart, it shows that the volatility is increasing and the TRX price might continue its upward trend and cross the upper band soon. Price action forming a green candlestick pattern as it approaches the upper bar indicates increasing bullish momentum.
The fact that the Know Sure Thing (KST) recently crossed above its signal line and into the positive zone, with a reading of 2.5004, indicating a strong uptrend, supports the view that TRX should rise in the next few days. This move is a bullish tip for TRX, indicating that now is an excellent time to buy the token.
On the daily chart, a rate of change (ROC) of 0.64 indicates increasing bullish momentum. This reading, coupled with the green candlestick pattern and the change in KST, implies that TRX will likely maintain its uptrend and rise further in the near term.
TRX/USD Chart by TradingView
A rising Fisher Transform reading of 1.13 on the 4-hour TRX price chart indicates strong positive momentum in the market, suggesting that the buyers are pushing the price higher and may soon break above the current resistance level. This move means that buyers could be active in the market in the next few hours, which could break the price if the resistance level breaks through.
As the RSI reading of 54.74 indicates that the market is neither overbought nor oversold, this may be a good time for short-term traders to start long positions. Moreover, as the Fisher transformation suggests, the bullish momentum is strong and may lead to a breakout in the price if the buyers continue to push the price higher and break the resistance level.
TRX/USD Chart by TradingView
TRX is showing bullish momentum as buyers continue to push the price higher, with technical indicators suggesting a potential near-term breakout.
Disclaimer: Views and opinions, as well as all information shared in this price prediction, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is strictly at his own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
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