Tron’s native token TRX was among the top gainers on Tuesday as its price surged up to 11 percent making it one of the best-performing digital assets. The token has been on an upward spiral for the 3rd consecutive day. The crypto asset extended its bearish leg in the prior week to $0.027 low after its correction from $0.053 high. As the process of consolidation proceeds in the market, bulls defend price on TRX/USD to $0.036 intraday high. With a market capitalization of around $2.37 billion, Tron sits amongst the top 20 digital assets and has firmly established the 13th position on the Coinmarketcap table. At the time of writing, TRX is changing hands at $0.034. Tron based DeFi developments may benefit TRX as developers of the network and Tron Foundation has been pushing the DeFi narrative heavily over recent days. There are now several Tron-based DeFi protocols that mimic those seen on Ethereum.
*The crypto asset extended its bearish leg in the prior week to $0.0271 low after its correction from $0.0533 high
*As the process of consolidation proceeds in the market, bulls defend price on TRX/USD to $0.036 intraday high
*Tron based Defi developments may benefit TRX as developers of the network and Tron Foundation has been pushing the DeFi narrative
Resistance Levels: $0.046, $0.040, $0.037
Support Levels: $0.033, $0.030, $0.027
TRX/USD Daily Chart: Bullish
TRX/USD Daily Chart
On the daily chart, TRX moves within the upside channel with the local resistance at $0.037. Once it is out of the way, the upside will gain traction with the next focus on the psychological $0.040 and $0.046 levels. Apart from that, the daily RSI points upward, and it has not reached an overbought territory yet, which is a positive signal in the near term.
The TRX/USD pair is currently trading at the price level of $0.034 and enjoys the price congestion support around the horizontal line at $0.033 that has built up over the past 3 days. There is excellent support at the $0.027 level, which could contain the decline in the TRX/USD price. The upside may gain traction to the $0.040 region once the intraday high of $0.036 is cleared.
TRX/USD 4-Hour Chart: Ranging
TRX/USD 4-Hour Chart
As observed on the 4-hour time frame, TRX/USD is well-positioned for further growth with the initial advance past the 4 hour MA 50 around $0.033. However, considering the state of the RSI trading marginally beyond its midlines, the price may be vulnerable to the downside correction. A move below $0.033 area will cancel the bullish scenario.
Lower time frame analysis shows that bulls may test towards the $0.040 area if they can anchor the price above the $0.037 resistance zone. The TRX/USD pair is only bullish while trading above the $0.033 level, key resistance is found at the $0.037and the $0.040 levels. If the TRX/USD pair trades below the $0.033 level, sellers may test the $0.030 and $0.027 levels.
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