Tron (TRX), which has outperformed its previous performance, has seen a 15% increase in trading volume over the past five days. At 0.000002895 BTC, the TRX/BTC pairing has registered a 0.28% increase.
As shown in the daily price charts, the token is currently moving through an uptrend. Although there is a clear power struggle between bears and bulls that has impacted price, it appears neither could achieve riveting dominance.
Bitcoin (BTC), which was able to lift its price above the 24K zone, also helped the whole market.
Tron is still struggling with losses
TRX price surged by over 15% in just five days but it’s still grappling with losses in the part of the investors. Tron must still find more buyers to help speed up its recovery. With the increase in buying pressure, the price rose steadily to $0.068 from its low point.
TRX coins trade at $0.071 as of right now. This is an increase of 3.46% for market cap over the previous 24 hours. It has a trading volume of 557 million, which is a 22.18% decrease in 24 hours. Altcoin has an estimated market capitalization totaling 6.5 billion.
The TRX price shows strong momentum on a 4-hour chart. The RSI also shows that price is in overbought mode due to increased selling activity. RSI currently stands at 70. Buyers looking to get into the market must wait. The MACD that supports the uptrend indicates that the buyer’s line is gliding over the green lane.
TRX reaches $0.075 critical level
Justin Sun, the founder of Tron (TRX), launched Tron in 2017. It was disappointing when Sun abandoned Tron and moved on to other projects. Following Sun’s exit, TRX price has suffered massively and was unable to beat its all-time high in 2018.
According to technical analysis, TRX is in a downward trend since April 2021 when it reached $0.18. Ever since, TRX price wasn’t able to break away from the downward slope.
TRX must move to a bullish viewpoint by reaching $0.075 and BTC continuing to do well, which is what has been happening for Tron for five consecutive days.
Crypto market cap total at $1.06 trillion according to the daily chart. Source: TradingView.com| Source: TradingView.com Featured image taken from Coin Payments Blog. Chart by TradingView.com