With a losing momentum of the entire crypto market, including the largest cryptocurrency by market capitalization, Bitcoin, the altcoin market is seen pulling back with the lack of traction. TRX coin, the native of TRON, is benefitting from its super lucrative platform that subsides the bearish fact but draws an upside channel on the 2-day chart against the US Dollar. However, the intraday sluggishness coexists since yesterday’s elimination of short-term active support from Simple Moving Average.
Until the wee hours of yesterday’s trading session, the TRON coin was seen trading with a positive sentiment until the bearishness splurged in. With this, it was just yesterday when Bitcoin also drew a plunging trend line from the ATH of $42k to currently trading around $35.5k.
However, the recent correction is nothing but the plunge that is saving from further manipulation of the price of TRX that fell from $0.0371 to currently trading at $0.0297 by approximately 20%.
TRON Price Analysis
At the press time, TRON was seen trading at $0.0297 after forming a bullish candle from the weekly lows of $0.0277. However, the coin draws an ascending price channel since the beginning of the ongoing year and is, therefore, retaining support on the 2-day chart at two key levels, i.e., $0.0279 and $0.0205.
With a bullish sentiment, TRX/USD is drawing a bullish crossover on the cumulative 2-day chart. When the coin had hit a high at $0.0534, and thereafter, it fell to a level of trading within $0.0223 to $0.041. The MACD indicator reflects a bullish crossover on the 2-day chart after the price is relished from the daily supports. The RSI draws no extremities but is inclined towards the overbought zone at 51.61.
