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TRON (TRX)

Tron’s [TRX] Strong Sellers’ Sentiment Could Hinder Its Growth

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Another bloodshed had struck the crypto-verse. Tron [TRX], Bitcoin SV [BSV], Monero [XMR] as well as the king coin, Bitcoin [BTC] along with an array of assets was seen plummeting. Bitcoin was back below $50K. At press time, BTC was trading for $46,290 with a 5.93% dip since the last 24-hours. Ethereum [ETH] was probably the biggest loser of this bear market as it had slumped by almost 8% in the last 24-hours. Cardano [ADA] was the only asset that was on an uptrend. ADA was trading for $1.10 with a 7% daily rise, during the time of writing.

Over the last couple of months, TRX had slipped down the crypto ladder. After a long stay in the top fifteen, TRX had made its way down to the twenty-fourth spot. Currently, the market cap of TRX was noted at $3.22 billion. At the time of writing, Tron [TRX] was seen trading for $0.044 with a 6.80% drop over the last 24-hours. The week was quite unfavorable for Justin Sun’s coin as it had secured losses of about $27.30%.

Tron [TRX] one-hour price chart on Binance

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Tron's [TRX] Strong Sellers' Sentiment Could Hinder Its Growth 3

The short-term price chart of TRX was exhibiting a positive notion. The Bollinger Bands indicator was seen converging therefore, the volatility in the TRX market would possibly be lower than expected. The Awesome Oscillator indicator was formed green closing bars which further insinuated that the bulls were present in the TRX market.

The Relative Strength Index [RSI] indicator was seen exerting a sellers’ sentiment as the RSI marker was down by the 40 median.

Tron [TRX] one-day price chart on Binance

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Tron's [TRX] Strong Sellers' Sentiment Could Hinder Its Growth 4

The one-day price chart of TRX was adamant about the presence of bulls in its market. The MACD indicator went in for a bullish crossover, earlier this month and retained this trend. The Klinger Oscillator mirrored this crossover. The Money Flow Index indicator was under 50 median which suggested that the asset was being sold instead of being bought.

Tron [TRX] Bulls Could Finally Be In Control Of The Market

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Tron [TRX] slid to the 23rd position in the cryptocurrency leaderboard after an underwhelming performance this week. It amassed mere gains of 2.80% during the same time.

Tron’s multi-year high was cut short as it noted a volatile market for three-weeks straight that has hindered the bulls from carrying the coin further.

TRX was down by 2.98% over the last 24-hours which drove its price to $0.0599. At the time of writing, it registered a market cap of $4.3 billion and a 24-hour trading volume of $3.02 billion

Tron [TRX] Daily Chart:

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Tron [TRX] Bulls Could Finally Be In Control Of The Market 7

Tron [TRX] gained significant traction this month owing to Bitcoin and Ethereum hitting all-time highs. After breaking to a multi-year high, the crypto-asset entered the consolidation phase. And any possible uptrend signs appear to have halted.

Despite this, the support points continued to defend the current level Moreover, there here have been hints of a squeeze in volatility. The Bollinger Bands, for instance, were converging depicting a reversal in the ongoing trend. Could this mean that the much-needed rise?

Buy Pressure Gains Prominence

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Tron [TRX] Bulls Could Finally Be In Control Of The Market 8

The Parabolic SAR sided with the bulls. Its dotted markers were found to be hovering below the Tron [TRX] candles supporting the coin’s price movement from an extended downfall.

The green bars of Awesome Oscillator also resumed depicting a shift to bullish momentum. Furthermore, the buying pressure, once again, has set in as depicted by the RSI which was well above the 50-median line and was now heading towards the overbought zone.

Previously, the RSI had rebounded after hitting a local top. But gearing up for another run essentially signified that an uptrend could be in the offing.

Taking the above charts into consideration, if a breakout to the upside for TRX does transpire, it could potentially target its immediate resistance level of $0.064 and $0.08 respectively.

Besides, the $0.05-level presents opportunities to buy the crypto-asset. Other region of support was found to be at $0.035.

Tron [TRX] Bulls Struggle To Gain Strength Above $0.55

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Tron [TRX] recently exited from the top 20 positions by market cap on the cryptocurrency ladder. It risks elongated correction despite its feeble recovery attempt with just 10.53% in weekly gains.

After establishing a multi-year high, Tron faced significant selling pressure which triggered a drop to its immediate support level.

Over the past 24-hours, the crypto-asset faced a minor correction of 0.26% and was trading at $0.052. It recorded a market cap of $3.80 billion and a 24-hour trading volume of $2.23 billion.

Will Tron finally gain strength to aim for higher levels as the altcoin market look for recovery?

Tron [TRX] Daily Chart:

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Tron [TRX] Bulls Struggle To Gain Strength Above $0.55 11

The above daily charts depicted a period of high volatility was likely to continue since TRX rose north of the $0.035-mark.

The moving averages were unfazed by Tron’s retracement. The gauge between the 50 DMA [Pink] and the 200 DMA [Purple] rose as the crypto-asset hit a local top after a two-week-long rally.

The DMAs did not mimic the sideways movement of the TRX price candles that started this week as they formed crucial support points resisting further market downtrend.

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Tron [TRX] Bulls Struggle To Gain Strength Above $0.55 12

The Klinger Oscillator projected a not so optimistic phase for the crypto-asset as the signal line continued to be the dominion after it underwent a bearish flip on the 14th of Feb.

The MACD has, so far, managed to maintain the bullish streak three straight weeks above zero. However, it appeared to be converging which could be a sign of increasing pressure by the bears and an extended sell-off case.

Despite falling from the overbought zone, the RSI, was however, well above the 50-median line depicting a sentiment of buying pressure among the investors in the TRX market.

Tron’s momentum shifted has towards the bearish side. But a damaging correction could be avoided at this stage which, in turn, is likely open up further upsides.

In which case, TRX could eye for its next immediate resistance level of $0.060. Upon crossing this, resistances at $0.064 and $0.072 could potentially come to play.

Moreover, its support levels was found to be at $0.034, $0.029 and $0.026 respectively.

Tron’s [TRX] Uptrend Halts As It Faces Rejection Near $0.06

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Despite renewed uptrend, Tron [TRX] has failed to retain its position as the 20th-largest token by market cap in the cryptocurrency ladder. Over the past week, even as Tron has amassed gains of more than 44%, it failed to move through the several pivot levels which have left key support levels in play.

Days after showing positive signs, Tron’s consolidation faced serious rejections at points that were crucial for an extended uptrend.

Meanwhile, Tron was now trading at $0.0526 after sustaining a correction of 9% over the last 24-hours. At the time of writing, the crypto-asset recorded a market cap of $3.82 billion and a 24-hour trading volume of $3.81 billion.

Tron [TRX] Daily Chart:

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Tron's [TRX] Uptrend Halts As It Faces Rejection Near $0.06 15

Even as Tron breached a multi-year high, it still has a long way to go to reach its ATH. The above daily chart pictured the formation of a local top which could imply that the bulls are in for a breather in the near-term.

No drastic movements were depicted by the moving averages which continued to hover below the TRX price candles. The gauge between the 50 DMA and the 200 DMA was also steady which did suggest room for further upside in the token’s price in the coming days. The technicals, however, had a different story to tell.

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Tron's [TRX] Uptrend Halts As It Faces Rejection Near $0.06 16

The Klinger Oscillator suffered a bearish crossover on the 14th of February after maintaining a positive streak for more than two weeks in tandem with TRX’s price.

Similar was the case with MACD. After weeks of remaining on the bullish side of the histogram, the indicator appeared to be converging with the signal line which could result in a bearish crossover in the near-term. This depicted a declining buying demand.

The RSI also bounced from the overbought zone as the price established a high not seen since mid-2018. While the buying pressure was still intact, if the RSI drops below 50-median, sell pressure could once again overpower the coin.

Resistance levels to look out for were found to be at the recently breached $0.062. Further target levels stood at $0.0725 and $0.0921 while TRX’s support levels were at $0.033 and $0.0288 respectively.

Tron [TRX] Could Endure A Correction Before Its Big Breakout

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Tron [TRX] suffered a major setback as it slumped down the crypto ladder. Despite this, the coin had smooth sailing in terms of price.

The global market cap of the crypto market was at a high of $1.46 trillion. Ethereum [ETH] had moved past $200 billion in market cap as Bitcoin [BTC] continued staying above Tesla and Facebook. The rise in the institutional interest in the king coin pumped its price to a high of $47K. While BTC hasn’t moved past this, the community speculated that the coin could pump up to a high of $60K soon. XRP seemed to have tackled the bears induced by the SEC as it was surging over 4% in the last 24-hours.

Dogecoin [DOGE], Uniswap [UNI], Bitcoin SV [BSV], and several others pushed TRX down to the twentieth position. The market cap of the asset was noted at $3.9 billion. At press time, TRX was trading for $0.054 with a 1.28% drop in the last 24-hours.

Tron [TRX] One-Hour Price Chart

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Tron [TRX] Could Endure A Correction Before Its Big Breakout 19

The one-hour price chart of the altcoin was indicating the presence of the bear. The Parabolic SAR indicator with dotted lines above the candlesticks blocked the chances of an upward breakout in the next couple of hours. The Awesome Oscillator indicator also followed suit and announced bear occupancy in the TRX market. The short term price chart of TRX on Binance had limited activity, the Relative Strength Index indicator pointed out.

Tron [TRX] One-Day Price Chart

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Tron [TRX] Could Endure A Correction Before Its Big Breakout 20

The Bollinger Bands indicator used in the one-day price chart of TRX suggested that Justin Sun’s coin was in for an increase in volatility. The MACD line was over the signal line and this crossover was achieved back at the beginning of the month. The MACD indicator hence revealed a bullish sentiment. The Stochastic RSI indicator had almost hit 100 median further reporting that TRX was being overbought.

Tron [TRX] Aim For $0.05; Market Looks Stronger Than Ever

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Tron [TRX] amassed weekly gains of 42.78% which aided its uptrend to reach levels last seen during the 2018 bull run, thus reaching its highest level in over two years.

Tron[TRX] rose by approximately 5% in the last 24 hours and was trading at $0.046. Despite the price appreciation, the crypto-asset continued to remain in the 20th position with a market cap of $3.45 billion and a 24-hour trading volume of $3.71 billion.

Tron has defied the bears and has managed to extend its gains despite not being one of best performing assets in the latest bull run. Let’s have a look at where the price could be heading for the coin in the near-future.

Tron [TRX] Daily Chart:

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Tron [TRX] Aim For $0.05; Market Looks Stronger Than Ever 23

Tron’s [TRX] parabolic surge has triggered breaches of many levels of resistance. But the most crucial of all was breaking of $0.0399 level which as acted a point of rejection for nearly five months.

As TRX exceeded these levels, the bulls regained control which facilitated the surge to multi-year highs. During this time, the gauge between the 50 DMA [Pink] and the 200 DMA [Blue] showed much-anticipated divergence, which is a positive indicator.

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Tron [TRX] Aim For $0.05; Market Looks Stronger Than Ever 24

The dotted markers of Parabolic SAR aligned below Tron [TRX] price candles forming critical support and resisting market downturn.

The green closing bars also depicted the strength in the ongoing bullish momentum of the crypto-asset. In addition, the MACD has extended the bullish crossover which has soared well-above zero depicting a strong buying demand among the market participants.

Tron has a good resistance at $0.049 area. If it manages to break this resistance, the crypto-asset could see a move towards its next resistance levels of $0.053 and $0.063 respectively.

On the flip side, however, a failure to break the resistance at $0.049 could lead to a fall towards its immediate support zone at $0.039. A further sell-off near this region could spark a drop to the support levels of $0.034 and $0.031.

Tron [TRX] Sees Subdued Buying Activity; Momentum Rests With Bears

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Another attempt to steer clear of the resistance at $0.03 by Tron bulls has failed.

Along with several altcoins, Tron [TRX] too fell near its nearest support level as the market’s bulls continued to struggle to keep the price afloat. Following serious price inaction, the token fell to the 20th position in the cryptocurrency ladder before hitting reverse and noting a minor gain of 1.39% over the past week.

Tron [TRX] was up by 2.63% over the past 24-hours which $0.0295. At the time of writing, the crypto-asset held a market cap of $2.1 billion and a 24-hour trading volume of $1.05 billion.

Tron [TRX] Daily Chart:

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Tron [TRX] Sees Subdued Buying Activity; Momentum Rests With Bears 27

According to the above one-day chart, Tron [TRX] price candles can be seen consolidating in a tight range bound since establishing a local top on the 24th of November.

No clear uptrends nor massive downtrends was found to transpire since then. However, the price movement in the coin’s near-term appears grim when the daily moving averages are taken into consideration.

The 50 DMA [Pink] went over the TRX candle projecting bearish hints. Furthermore, the 50 DMA appeared to be converging with the 100 DMA [Purple] depicting a rising bearish pressure in the coin market which could further pull the coin towards the previously breached support area.

The technicals did not indicate a very promising picture either.

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Tron [TRX] Sees Subdued Buying Activity; Momentum Rests With Bears 28

The red closing bar of Awesome Oscillator depicted a shift to bearish momentum in the TRX market. Furthermore, MACD continued to tread in the bearish zone below zero, a trend that saw no hints of a positive reversal in more than a week now.

The RSI bounced back close to the 50 median line depicting a mild rising buying sentiment among the investors in the coin market.

Tron was at a crucial stage. Despite minor hints of buying pressure, the coin has so far failed to challenge the $0.031, $0.034 levels of resistance. The subsequent pullbacks in the market have only added to its woes. If the crypto-asset fails to hold the current level, it risks a fall to the nearest support area of $0.028.

Tron [TRX] Struggles To Find Bullish Momentum; Falls Below $0.03

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Several altcoins along with Tron [TRX] were observed to be losing bullish momentum as the price of the world’s largest cryptocurrency, Bitcoin struggled to reclaim its ATH. TRX has been largely absent in the present bull run despite a minor price change to the positive side as it was turned away by several resistance levels.

Tron [TRX] declined by 5.56% over the past 24-hours which dragged the coin’s price to $0.0299. The crypto-asset recorded a market cap of $2.145 billion and a 24-hour trading volume of billion at the time of writing.

Tron bulls appeared to be waiting for a fresh increase despite continued downward pressure. Let’s look at what the technicals have in store for the 19th-largest crypto-asset.

Tron [TRX] Daily Chart:

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Tron [TRX] Struggles To Find Bullish Momentum; Falls Below $0.03 31

Tron’s [TRX] failed to demonstrate strong momentum and its price action has been dull. Its weekly losses totaled at roughly 3% as selling pressure followed soon after establishing a local top.

Furthermore, the coin witnessed resistance at several points where sell pressure has turned its price down.

Meanwhile, the 50 DMA [Pink], as a result, moved above a few TRX price candles before retreating below them. Despite this, the moving average continued to tread close to the candlestick arrangement depicting a bearish pressure in the market. The converging of the two DMAs further validated the struggle of the bulls.

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Tron [TRX] Struggles To Find Bullish Momentum; Falls Below $0.03 32

The MACD underwent a bearish crossover after a brief stint with the bulls above zero depicting a rising downward pressure in the coin’s price.

The OBV indicator, however, did not note a lack of volume, which may be why the price was a little volatile and had room for improvement in the near future.

The RSI declined to close the 50-median line depicting a minor dip in buying pressure.

Tron’s [TRX] price inaction could essentially continue in the medium term as a definitive breakthrough indication is yet to transpire in the charts. Bulls and bears continued to defend the current level.

Noteworthy levels in case of upward price action were found to be at $0.031, $0.033, $0.035 and $0.040 respectively while its support points stood firm at $0.029, $0.024, and $0.023.

Tron’s [TRX] Price Risks A Retracement To $0.023

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Tron [TRX] has been slow to catch the bullish bandwagon as the altcoin recorded a 2.71% weekly gains despite an outstanding performance by the cryptocurrency market over the past several weeks. The recent pullback caused much damage to the coin which further sank the coin.

Starting off with a fresh decline, the 17th largest crypto-asset has been treading in troubled waters. Tron was currently priced at $0.029 after a dip of 1.15% over the last 24-hours. At the time of writing, the coin registered a market cap of $2.1 billion and a 24-hour trading volume of $1.85 billion.

Have Tron bulls ceded to the bears? Let’s look at the charts below.

Tron [TRX] Daily Chart:

 

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Tron [TRX] has been pretty much consolidating within a tight rangebound. Unlike its peer altcoins, TRX has failed to post impressive gains over the last month. The lackluster in the Tron market was further confirmed by the placement of the daily moving averages with respect to the price candles.

The 50 DMA [Blue] moved above the candlestick arrangement today depicting a rather gloomy picture for the coin. The 50 DMA and the 200 DMA [Purple] were moving in parallel to each other with the latter forming a critical support point for the TRX candles. This depicted the continuation of the ongoing trend and a sharp break on either side might not be in the cards, at least for some time.

The Fib retracement indicator highlighted a few crucial positions that TRX’s price could find itself in.

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TRX2Despite Tron’s dull price action, the OBV indicator demonstrated a bullish development for the coin market as the buying volume remained at relatively higher levels. Furthermore, the RSI was a little below the 50-median line indicating a minor dip in the buying pressure among the investors in the TRX market over the past day.

Meanwhile, the Stochastic RSI sank indicating a substantial bearish pressure.

According to the above charts, Tron technicals were in an indecisive phase even as its price made a couple of attempts to settle above the press time level. If TRX breaks the 100% Fib retracement level of the downside move at $0.0236, the losses could extend to the nearest support levels of $0.016 and $0.012 respectively.

Besides, Tron found significant resistance from $0.0346 and $0.0416.

 

Tron Still In Good Books Of US And Chinese Regulators, Affirms Justin Sun

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Of late, the crypto industry has been subjected to immense scrutiny. While Ripple is still trying to fend off its lawsuit, the Tron network was rumored to be under the purview of both the Chinese as well as American governments. However, the Tron network’s Justin Sun affirmed that they were nothing but mere fabrications.

Tron Or BitTorrent Haven’t Received Legal Notices From Any Regulators

The SEC recently hit Ripple with a $1.3 billion lawsuit for engaging in the sale of unregistered securities. This was soon followed by rumors regarding the Tron network being called out by both regulators from America as well as China for its 2017 ICO. Putting these rumors to rest, in an array of tweets, the founder of the network, Justin Sun revealed that the crypto platform hadn’t received any legal notice.

In his tweets, Sun explained the process of approving governance proposals in the network. Sun pointed out that the network constituted over 18 million accounts of users. This was followed by 27 super representatives with over 300 candidates. Every proposal stated to be passed would demand the aid of 19 super representatives.

In a series of tweets, Sun acknowledged that Tron Foundation is one of the thousands of network contributors. However, he went on to clarify that neither the foundation nor its directors [including himself], or any single validator have control over the network, determines who uses the network or how the tokens are being traded.

Sun further asserted that the network had been performing successfully for the past two and a half years without coming across a lot of “significant downtimes.” He added,

“We don’t believe that there’s any merit to the claims brought in the New York securities lawsuit by private individuals, & we’re vigorously defending against those claims. Lastly, neither I nor @TRONFoundation or @BitTorrent owns @Poloniex.”

Additionally, amidst these rumors, TRX, the native currency of the Tron network continued making profits off the ongoing bull run. At press time, the coin was trading for $0.03278 with a 10.29% rise over the last 24-hours.