Tron (TRX), has recently hinted at a bullish trend, since the market environment is more affirmative. Analysts expect a bullish breakout for the coin in the coming days. At press time, the coin is trading at $0.3456 (1.24%), with a volume of $1 billion. The coin has a market cap of $32.72 billion.
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According to the data given by Trading View, the coin has a resistance level (yellow) of $0.3523 and can rise to a resistance level of $0.3600 if it goes beyond the level. TRX also has a support level of $0.3450 and can dip to $0.3300 if it goes further down than that.
The moving average indicator shows that the coin is going through a short period of a bearish scenario since the MA line is above the candlesticks. The Moving Average Convergence and Divergence indicator suggests the coin is going through a bullish momentum since the MACD line (blue) is above the Signal line (orange). This means that the coin’s price is going up stronger than in recent performances.
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According to the data provided by CoinMarketCap, 82% traders believe in a bullish sentiment and are optimistic for further developments. The rest of the 18% doubt a bearish momentum for TRX.
The larger cryptocurrency market is highly volatile and uncertain. The macroeconomic events, social sentiment, and technical signals play a very major role in the coin’s further happenings. TRX investors are cautiously optimistic about the cryptocurrency.
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