Tron (TRX) has eclipsed its past performance and has been up 15% in the last five days. The TRX/BTC pair registers an increase of 0.28% at 0.000002895 BTC.
The token is now sweeping through an uptrend wave as seen in the daily price chart. There is an obvious power struggle between the bulls and the bears which impacted the price but it seems neither was able to pull off a riveting dominance in the market.
It helped that Bitcoin (BTC) did some heavy lifting as its price briefly soared above the 24K price zone which also propelled the entire market up.
Tron Still Grappling 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. With that being said, Tron still needs to get more buyers to speed up the recovery train. The price registered at a low of $0.068 and spikes continuously with the increased buying pressure.
As of now, TRX coin trades at $0.071 showing an increase of 3.46% in terms of market cap seen in the past 24 hours. The coin is showing a trading volume that catapulted 557 million which reveals a 22.18% loss seen in the past 24 hours. The altcoin currently has a total market capitalization of 6.5 billion.
On a 4-hour chart, TRX price showcases a robust uptrend momentum. Evidently, the RSI is also showing that the price is overbought as increased selling activity is pushing the price. Current RSI is almost 70. So, the buyers who are looking to penetrate the market should wait. The MACD that supports the uptrend indicates that the buyer’s line is gliding over the green lane.
TRX Hits $0.075 Critical Level
Tron (TRX) was rolled out in 2017 by founder Justin Sun. However, it was a disappointment when Sun decided to abandon Tron as he ventured to other projects. Following Sun’s exit, TRX price has suffered massively and was unable to beat its all-time high in 2018.
Technical analysis on the past couple of months showed that TRX has been on a downtrend following its ATH in April 2021 which touched the high of $0.18. Ever since, TRX price wasn’t able to break away from the downward slope.
For TRX to switch into a bullish standpoint, the price must reach the $0.075 level and if BTC continues to perform well which has happened for five straight days for Tron.
Crypto total market cap at $1.06 trillion on the daily chart | Source: TradingView.com
Featured image from Coin Payments Blog, chart from TradingView.com