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Tron [TRX/USD] Technical Analysis: Bulls help the price to breach through the immediate resistance

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Tron [TRX] is pushing Ethereum out of the stage as it is better at scaling and is performing splendidly in terms of Dapps. The ninth-largest cryptocurrency in the world [by market] seems to be doing better than other cryptocurrencies.

The market cap of TRX is shy of $200 million to reach the $2 billion mark and the price at the time of writing was at $0.0270. The 24-hour trading volume of TRX was at $221 million.

1-hour

Source: TradingView

TRX prices show no sign of stopping now since they’ve broken the support at $0.0267, whereas the support line at $0.0212 has held the prices steady so far. The uptrend for TRX extends from $0.0215 to $0.0237, while the downtrend ranges from $0.0328 to $0.0273.

The MACD indicator shows a bullish crossover over the zero-line and is heading towards the upside. The histogram is slowly representing the same.

The Awesome Oscillator shows a failed attempt at a bearish crossover as the green bars are extending in height, indicating an increase in momentum and hence, an increase in the price.

The Parabolic SAR markers are seen forming below the price candles, supporting and pushing the prices to go higher.

1-day

Source: TradingView

The MACD indicator shows a possibility of a similar scenario as seen in the one-hour chart, a bullish crossover as the MACD and the signal lines are eerily close to each other.

The Stochastic indicator shows a perfect bullish divergence as the prices are rising continuously but the Stochastic shows a decreasing trend. The trend for Stochastic was changing at the time of writing as it was undergoing a bullish crossover as well.

The Chaikin Money Flow shows a negative indication as the money moving into the TRX markets is low and not coinciding with the bullish trend.

Conclusion

The one-hour chart is lit with bullish signals as indicated by the SAR, MACD, and AO indicators. The one-day is also showing promising signs for Tron in the future as indicated by the MACD, CMF, and Stochastic indicators.

 

Source: ambcrypto.com