TRON’s Intraday Remains Bearish Below $0.025

TRON—the most developing blockchain in the crypto ecosystem is marking staggering week-by-week milestones and has already surpassed a total of 8 million accounts on the network. It was just in the previous week when JustSwap was launched on TRON with a trading volume of around 10.5 million on the 1st day of its launch. The achievement of the network is commendable and is ranked in the 6th position in the world.

The weekly milestones are drawing a clear picture towards the goal of the network, and the native token TRX has been an illustrious performer amongst the top 15 cryptos of the market.

TRON Price Analysis

Tron News
TRX/USD Chart By TradingView

TRX/USD breaks a 2-year long downtrend on the weekly chart as it trades above $0.030. Can this be the beginning of a fresh bullish era for TRX coin after trading sideways over the past two years? Over the said period, TRON has hit the lowest at $0.0064 during the major sell-off in March due to the ongoing Pandemic. In this regard, TRX has startlingly strengthened by approximately 400% in 5 months from March 2020.

Tron Price News

TRON has drawn a clear uptrend against the US Dollar after marking the lowest at $0.0064, while a steep rise from 50.0% Fib level i.e., $0.195, has taken the price trend to breach the major resistance above $0.030. It was just in the ongoing month when TRX coin hit a yearly high at $0.032, but due to intraday pullback, it is consolidated below $0.025 at $0.023 on the above 24-hour chart.

With this, the other two technicals laid are drawing a bearish crossover as the signal line crosses above the MACD line after correction below $0.030. The RSI of the TRON has also pulled back from above to 70 to currently at 49.51 due to a shift in demand.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Back to top button