Tron (TRX) has outperformed its previous performance, rising 15% in the last five days. TRX/BTC has increased by 0.28 percent to 0.000002895 BTC.
According to the daily price chart, the coin is now riding an uptrend wave. There is a clear power battle between the bulls and the bears, which has influenced the price, but neither appears to be able to achieve market domination.
Bitcoin (BTC) did some heavy lifting as its price briefly climbed beyond the 24K price zone, propelling the entire market upward.
Tron is still suffering losses.
TRX’s price increased by more than 15% in just five days, but it is still suffering from investment losses. Having said that, Tron still needs additional buyers to accelerate its comeback. The price has dropped to a low of $0.068 and has been steadily rising due to increased buying pressure.
TRX coin is currently trading at $0.071, representing a 3.46 percent growth in market cap over the last 24 hours. The coin currently has a trading volume of 557 million, indicating a 22.18 percent decrease in the last 24 hours. The altcoin has a total market capitalization of 6.5 billion dollars.
TRX price is showing a strong rising momentum on a 4-hour chart. The RSI clearly indicates that the price is overbought, since greater selling activity is pushing the price up. The current RSI is nearly 70. Buyers wishing to enter the market should therefore hold off. The MACD, which supports the uptrend, shows that the buyer’s line is gliding through the green lane.
TRX has reached the critical level of $0.075
Justin Sun, the founder of Tron (TRX), launched the cryptocurrency in 2017. Sun’s decision to leave Tron in favor of other projects, though, was a disappointment. TRX’s price has plummeted since Sun’s departure, and it has yet to surpass its all-time high set in 2018.
Technical analysis over the last few months revealed that TRX has been on a decline since its ATH in April 2021, when it reached a high of $0.18. TRX’s price has been stuck on a downward trend ever since.
TRX must reach $0.075 in order to enter a bullish trend, and BTC must continue to perform well, which it has done for five days in a row.