TRON has currently fallen down to the 25th rank in terms of market capitalization with the latest value of above $6 billion. From the lows of July 20, TRX has offered a return of above 80% in less than a month. This price momentum has also enabled XRP to break numerous resistances and fare higher in terms of valuation.
TRX is currently trading at the value of $0.0877 levels with an incremental gain of 4% over the closing price of August 12, 2021. The main highlight of the price action is breaching its immediate resistance with a strong breakout candle and trading above the long-term moving average at a level of 200 Days. The breakout of August 11 came after a consolidation of four days which indicates a clear trend setup.
This momentum is gaining a higher public response, especially after people re-entered the crypto market after the massive rally in the first four months. We can expect some consolidation before attempting to move towards the higher target-based resistance levels of $0.1312.
TRX Eyes Bullish Rally Amid Volume Surge
TRX, on its monthly charts, shows a huge upside movement that can be converted into a bullish rally if sustained for two months straight. When compared to the current price action with the same in Feb, March, and April 2021, we can witness a staunch similarity.
TRON presents a strong price movement with consistently increasing transaction volumes indicating more buyer participation. The breakout near its 200 DMA followed by breaking its immediate resistance gives a strong sense of buying sentiment on TRX since more and more investors are considering such price action to be worth riding.
On the MACD indicator, we can witness a strong upside move as TRX attempts to break the resistance line, which can further be explained from the dark green histogram bars on the MACD indicator and widening gap between the convergence and divergence lines. Consistent increase in buying volumes and strong green candles, with mixed profit bookings in between, can help TRX trend higher and above the 13 cent valuations.
