Tron was among the altcoins that recorded impressive bullish moves within the past seven days as the crypto market struggled to challenge the ongoing uncertainty. However, TRX approaches a vital support floor, where it might welcome bearish declines.
TXR kept massive activity over the past couple of days as the alternative token recorded impressive upswings. While publishing this content, TRX remained inside a triangle setup and maintained bullish tendencies within the past two weeks.
That came after the token retested its ascending support level on May 11 when TRX plunged to the $0.061 lows. The crypto hovered around $0.082 on May 24, following a 32% rally after a support retest.
Nevertheless, enormous accumulations accompanied TRX’s rally, as the Money Flow Index recorded a steady uptick. Also, the rally had the Relative Strength Index recovering beyond the neutral territory.
Can TRX Overcome Immediate Resistance?
The current Tron upsurge has some area to cover before interacting with the plunging resistance level. For now, the alt needs an upswing beyond $0.085 to achieve that.
A potential downswing remained logical as TRX recorded a substantial uptrend, possibly exhausting bulls. Nevertheless, some factors might catalyze uptrends for the token.
Tron’s 50-day MA currently approaches the 200-day Moving Average. A cross from beneath would translate to a golden cross, meaning a bullish move.
The Directional Movement Index shows the +DI crossed beyond –DI, confirming the trend shift to bulls’ favor. Lastly, broad market sentiment painting bullishness in the coming few days might boost TRX’s resistance breakout likelihood.
Tron On-chain Metrics
The whale supply index bottomed on May 21 and recorded upticks. Nevertheless, the past 24hrs had sell-offs as whales anticipated possible reversals around the resistance level. Moreover, the Binance derivatives rate noted a slight dip in response to whale outflows.
On-chain metrics suggest a possible reversal for the altcoin, a logical expectation following the recent rally. Nevertheless, beware everything is hypothetical, and the crypto market remains prone to rapid shifts. Moreover, enthusiasts should watch BTC as its actions could affect the broad market.
Also, bears are yet to refrain from overall market attacks.
Stay tuned for upcoming updates.