Tron rose to a one-month high in today’s session, hitting a key resistance point in the process. This price surge comes in spite of cryptocurrency markets trading lower Monday. This decline is also attributed to maker which has remained at or near its eight week high.
Tron (TRX)
Tron (TRX), which surged to an all-time high of four weeks to begin the week, hit a crucial resistance point.
The TRX/USD reached a high of $0.06234 Monday morning, after which it fell to $0.06234 earlier in the afternoon.
The result was that prices were nearing a crash with $0.06500 being the resistance point. Prices reached their highest level since September 11, 2011.
Chart shows that traders sold their positions to get back earlier gains.
Currently tron is trading at $0.06369, despite the day’s slippage, remaining nearly 2% higher than yesterday’s low.
The 14-day relative strength indicator (RSI), is currently at 61.65. This is the highest level in more than five months and may signal the emergence of bears in the coming days.
Maker (MKR).
Maker (MKR), was also green on Monday as it was trading at a close to the two-month high.
The MKR/USD traded at an intraday high of $1.111.14 Sunday. However, it fell to an earlier low of $882.56 today.
The token’s prices have been rising over the last week since they reached an $815.00 floor on Friday.
At the time of writing maker trades at $940.45. The RSI tracks above 70. This indicates overbought territory.
Similar to the case with tron, now could be the right time for bears, who may reenter market in hopes of establishing a high.
A few traders may however maintain bullish sentiments and try to push the price above $1,200.
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