TRON (TRX) Sees Price Surge and Potential Bullish Breakout Despite Minor Setback

News

  • The coin’s  market cap rose 6.72%, securing its place among the top ten crypto.
  • Trading volume spiked 164.66%, reflecting growing shareholder confidence in the coin.
  • RSI and MACD suggest TRON could see further fee increases despite recent minor declines.

TRON (TRX) coin is a prominent crypto that has recently witnessed a major price increase, rising by 6.73% in its price over the past day. This marks a notable upward trend for TRX, positioning it as the 10th largest cryptocurrency by market capitalization. Standing at $12.63 billion, the maeket cap has seen a 6.72% increase and has secured its place among the top ten cryptocurrencies.

Further, the trading volume has not contradicted its movement, as it also showcases a bullish   trajectory with a 164.66% increase in the past 24 hours. The trading volume is currently trading at  $779.65 million highlighting a growing interest and confidence among investors in the TRON ecosystem.

Source: Coinmarketcap

The circulating supply of TRON remains at 86.94 billion TRX, closely aligning with its total supply of  86.94 billion coins. The volume-to-market cap ratio is 6.18%. Indicating a healthy trading environment . The token’s maximum supply remains unspecified, which could influence its long market dynamics as more tokens are introduced or circulated.

TRON’s Technical Aspect

This recent performance by TRON showcases its resilience and growing acceptance in the broader market , signalling a potential for further growth.

Source: Tradingview

TRX has recently captured the attention of traders and market enthusiasts, with its price hovering around $0.1463, showing a slight decline of 2.01% over the past day. Despite this minor setback, the overall trend shows promising signs of a potential breakout.

The daily charts showcase a harmonic pattern, specifically a bullish butterfly, formed between June and August 2024. This pattern is characterised by points X,A,B,C and D, which are signalling a potential reversal or continuation trend in the market. The pirce has reached point D, slightly above the 161.8% Fiboncci extension level of the BC leg, a common reversal zone. If tron can maintain momentum above the 168.8% Fibonacci extension level, it may confirm a bullish continuation level.

The RSI is currently at 54.36, indicating that the coin is in the neutral zone, suggesting a period of consolidation on whether it should rise or fall. The odds of the market reversal are very high because the RSI line is edging closer to the 70 level, which could lead to a rebound or a different trajectory.

 A rise in the Relative Strength Indicator could suggest a higher price performance. Moreover, the MACD signal shows a favourable Intersection, with the MACD line crossing above the signal line. This crossover is often seen as a bullish crossover and suggesting that buying pressure might increase in the near term. This could also be backed up by the Moving Avarage Convergence Divergence  histogram going upwards with green bars showing a bullish momentum.

The post TRON (TRX) Sees Price Surge and Potential Bullish Breakout Despite Minor Setback appeared first on Crypto News Land.

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