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Will TRON be able to build bullish momentum?

Altcoins keep trading in the range against the backdrop of low trading activity

Bitcoin and all major altcoins are mostly trapped in their ranges in the early Asian hours of Wednesday. The market is a mix of red and green as there are currently no clear pricing patterns. The total market capitalization of cryptocurrencies reached $ 196 billion, almost unchanged from that time yesterday. The average daily trading volume dropped to $ 66 billion. Bitcoin’s market share was 66.2%.

Bitcoin will need to go back through to $ 7,210 to support the upside momentum to the first resistance level at $ 7,384. However, if the price fails to return to the $ 7,200 level, Bitcoin may slide deeper into the red.

Still, the current momentum is bullish against the low volatility, at least until the bulls kepps BTC above $ 7,100.

 

TRON builds upward momentum

Last week, there was an announcement that the era of simulated mining is coming for TRON (TRX). Just days after the DDOS token begins to advertise its game, another asset, TGOLDE, prepares to begin simulated mining. This would be the third token in the ecosystem to take on network resources previously set aside for transaction and distributed app usage.

Looking at the chart, the TRX price has been following a trend line of support over the past 18 months. After touching it in September 2019, the digital asset has started its current uptrend.

In addition, MACD has made a bullish cross on the daily chart, which is a very positive development. The only last time this happened, the TRX went up by about 180%.

 

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Technical analysis of TRON

This week, TRON performed very well and rose about 7% yesterday. In fact, apart from Cardano, TRON is the only other cryptocurrency in the top 20 that has made a profit in the last 24 hours. All the rest are in red.

Now, as the price goes up, we have a resistance trend line at $ 0.0157 on the 4-hour chart. It could limit temporary the bullish momentum. A clear break above it will clear the way ahead of the bulls to the next target at 0.020. Just below it is the 100-day SMA, currently at $ 0.0171, which may also limit the correction.

The price is currently testing 50 SMA on a 4-hour chart. The RSI indicator gradually rises to level 70 after escaping the oversold zone on Sunday. If the upward slope persists, buyers should continue to increase their momentum and may encourage rally to $ 0.02.

On the downside, a failure of TRX to stay above 0.140 could send the price down again under bears control, with probable testing of the last bottom at $ 0.013.

 

Author: Silviya Velcheva


* The views expressed in this material do not constitute a recommendation or advice for the purchase or sale of cryptocurrencies in the digital assets market or other financial instruments. The predicted forecasts meet the expectations of the author of the material and may not materialize. Trading in currencies, contracts for differences on margin or cryptocurrencies poses a high risk and may not be suitable for all investors. Past results are not a guarantee of future success.

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