The rest of crypto market may be in frenzy. However, Tron’s (TRX), price dominance continues for the second consecutive day as it moves away from its support line. Tron (TRX) has seen a rapid recovery.
TRX/USD swished to a 3% jump and intraday high of $0.06631 today in contrast to yesterday’s low that registered at $0.06383. This rebound occurred after TRX moved in the red area for several days.
Cross signals on the daily charts usually indicate a downtrend, but they somehow trigger a bull run.
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TRON-RSI Crosses 49.85 Resistance Line
The RSI will soon cross the 49.85 resistance. Today’s TRX/USD price is $0.064. It has fallen by 2.15 percent in 24 hours. Trading volumes also decreased by 1.89 overnight. In the next days, TRX bears will ascend.
Tron has been showing bearish technical indicators for some time. Tron needs to recover $0.07 as resistance to restore investor confidence.
But, it seems the odds aren’t in favor of a bullish standpoint considering that the bears have already been collared in the market. Once the support level is hauled back to $0.06, then it’s the break the bulls needed to reclaim the market.
Source: TradingView.com| Source: TradingView.com
Bulls Can Tilt the Boat
TRON’s RSI is transacting at around 40.85 following the failure to maintain the bullish streak impeding the bears’ dominance. The RSI line shows a divergence, indicating that transactions are occurring below the average 14-day line.
It means trouble for paradise for bulls that are looking to the resistance line. Although the bears appear to be dominant at the red line, can the bulls change the course? TRX can overcome the selling pressure. Tron’s prices are increasing today. The bulls lead the way suggesting that everything is possible.
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Since day one, Tron tried to surpass Ethereum. It’s a platform that supports DeFi applications and smart contracts. Tron is aiming to outperform Google, Facebook and other social media platforms by decentralizing the internet.
Users will need to buy and hold TRX to use the network’s storage, CPU, RAM, and other resources. Users can then freely transact over the network.
Featured Image from AAX Academy. Chart from TradingView.com