- TRX price increase attributed to LunarCrush report
- According to recent data, TRON (TRX) has been on an upward trend in the last 24 hours.
- Technical indicators caution traders to be alert.
Based on a report by LunarCrush, TRON [TRX] is one of the cryptos with the highest Galaxy score. This was reassuring for TRX, as it indicated a price pump in the preceding 24 hours, with TRX prices rising by 2.01% to $0.05127 as of press time.
This bullish pattern is bolstered by a 2.76% rise in market capitalization and a 54.67% upsurge in 24-hour trading volume to $4,724,867,735 and $512,689,822, respectively.
TRX/USD 24-hour price chart (source: CoinMarketCap)
As seen in the TRX price chart, where the upper band reaches 0.05277 and the lower band reaches 0.04978, rising Bollinger Bands and moving linearly reflect the advancement of a stable market. This bullish pattern is reinforced by price movement toward the upper band, implying that the current market may prevail.
The Stoch RSI reading of 76.11 warns traders that the TRX market is nearing the end of its bullish run as it approaches the overbought region; however, this does not necessarily imply that prices will fall; instead, it simply cautions traders to stay alert.
On-Balance Volume (OBV) and price are forming larger peaks and troughs, indicating that the uptrend is likely to continue. The OBV line is at 76.576.536B, but it points south, indicating that selling volume is outpacing buying volume, warning traders to be cautious.
TRX/USD 4-hour price chart (source: CoinMarketCap)
Since a “strong sell” signal with a reading of -0.05 emerges on the 4-hour price chart, the Technical Rating indicator indicates that the sell-off in the TRX market is increasing, noting a short position order.
With a reading of 1.6841, the True Strength Index makes a bullish crossover on the price chart, traversing the signal line into the positive region. If TRX bulls do not wear out in the near term, this motion predicts a further bullish run.
TRX/USD 4-hour price chart (source: CoinMarketCap)
The digital currency may see even more bullish dominance if the bulls can maintain their hold on the resistance level despite several indicators noting a possible reversal.
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