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TRON (TRX) Bulls Defend Intraday High: Positive Trend Continues

Published Mar 01, 2023 01:39AM ET Updated Mar 01, 2023 02:00AM ET
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TRON (TRX) Bulls Defend Intraday High: Positive Trend Continues
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  • TRON’s bullish trend gains traction with increasing market capitalization and trading volume.
  • Bollinger bands widen, indicating growing volatility and potential for upward momentum.
  • Strong positive momentum, KST shift, and ROC suggest TRX may break resistance levels.

After finding support around the $0.06853 intraday low in the previous 24 hours, bullishness in the TRON (TRX) market regained control. As a result of this positive pressure, the price moved up to a session high of $0.06978. The bulls held, and even pushed, the price higher, with the day ending at $0.06945, a gain of 1.30%.

During the upturn, market capitalization and 24-hour trading volume increased by 0.86% and 12.09%, respectively, to $6,353,223,872 and $221,722,321, respectively. This growth in market capitalization and 24-hour trading volume suggests a bullish market as buyers try to purchase TRX tokens. As a result, demand for TRX has strengthened, and the bulls have successfully defended the intraday high of $0.06978, suggesting that the positive trend will continue.

TRX/USD 24-hour price chart (source: CoinMarketCap)

In the 4-hour price chart, the Bollinger bands are rising, with the upper band at 0.07025058 and the lower band at 0.06780693, indicating that TRX’s bullish trend is gaining traction. When the Bollinger bands move wider apart, it shows that volatility is growing, and the TRX price may continue its upward trend and breach the upper band soon. The price action forming a green candlestick pattern as it approaches the top bar indicates increasing bullish momentum.

The fact that the Know Sure Thing (KST) has lately gone over its signal line and into the positive zone, with a reading of 2.5004, indicating a strong bullish trend, confirms the view that TRX is likely to rise higher in the coming days. This move is a bullish prognosis for TRX, stating that now is an excellent time to buy the token.

On the daily chart, a Rate of Change (ROC) of 0.64 indicates growing bullish momentum. This reading, together with the green candlestick pattern and KST shift, implies that TRX will likely retain its upward trend and increase further in the near term.

TRX/USD chart by TradingView

A rising Fisher Transform reading of 1.13 on the TRX 4-hour price chart indicates strong positive momentum in the market, suggesting that buyers are driving the price higher and may soon break over the present resistance level. This move means buyers may be active in the market in the next few hours, which might break the price if the resistance level breaches.

As the RSI reading of 54.74 indicates that the market is neither overbought nor oversold, this may be a good time for short-term traders to start long positions. Moreover, as the Fisher Transform suggests, bullish momentum is strong and may lead to a breakout in the price if buyers continue to push the price higher and cause the resistance level to break.

TRX/USD chart by TradingView

TRX shows bullish momentum as buyers continue to drive the price higher, with technical indicators suggesting a potential breakout in the near term.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post TRON (TRX) Bulls Defend Intraday High: Positive Trend Continues appeared first on Coin Edition.

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TRON (TRX) Bulls Defend Intraday High: Positive Trend Continues

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