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The cryptocurrency market seems to have come out of its price slump with almost all the rising price increases. Popular cryptocurrencies like Bitcoin [BTC], XRP and Tron [TRX] everyone has seen trend changes, raising prices above the level in which they have been languishing for a long time. Tron has been in development for some time and the price increase has made the Tronics community exuberant.
At the time of writing this article, Tron was growing 2.7% with a total market cap of $ 1.591 billion. The cryptocurrency was trading for $ 0.0241 with a 24-hour market volume of $ 81.699 million.
1 hour:
Tron trend lines show a clear upward trend, taking the price from $ 0.0232 to $ 0.0242. The price support for cryptocurrency reached $ 0.0215 while the resistance at $ 0.0257 has not yet been resolved.
The Bollinger bands on Tron they indicate a clear divergence between the upper Bollinger band and the Bollinger lower band, which is indicative of the price rise. The expanded Bollinger cloud arrived after a long range of sideways price movement.
The Awesome Oscillator [AO] took a turn for the better, showing a surge in the graph. The surge is a sign of the market momentum that rises in the cryptosphere.
1 day:
The one-day TRX chart shows a greater downward trend in prices than its peak in previous months. The support has consistently maintained $ 0.0179 over a period of time when the downtrend lowered the price of Tron from $ 0.05729 to $ 0.0241.
The Relative strength index [RSI] points to the chart towards the overbought area. The peak towards the upper zone is a sign of the purchase pressure of the cryptocurrency which is more than the selling pressure.
The Chaikin cash flow [CMF] indicator after the stop at the bottom of the chart has slowly taken a path towards the top. The movement towards the top of the CMF chart indicates that investor money is entering the market after a positive change in investor confidence. However, as of now, it is still in the bear territory.
Conclusion:
The increase in prices of Tron could lead to the withdrawal of price support from previous levels. The Bollinger, AO and RSI bands all point to a gradual increase with sporadic side movements interspersed in the Tron market.
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