Despite dropping after reaching USD 0.0694, the Stochastic RSI confirms it should continue rising after traders take profits. The trend will be bullish over the next few days as the TRON bulls remain in the support zone of around 0.786%.
TRON (TRX) is a widely used cryptocurrency as its fees are lower than for Ethereum or other networks. That has prevented its acceptance and use in its community from decreasing despite the drops in the market.
That brings stability to the prices of TRX amid the recent declines, besides benefiting investors. The TRON bulls and the community are the primary drivers of its upward trend.
TRX is trading at around USD 0.0636 and has accumulated a 3% loss over the last 24 hours. While its daily trading volume is above USD 668.92 million, its market capitalization is about USD 5.88 billion. It occupies 13th place in the cryptocurrency ranking, according to CoinGecko.
The TRON Bulls and Its Community Cause an Imminent Rise
The US Federal Reserve (Fed) has moved the markets to the downside with its changes in monetary policies. However, the price of TRX has benefited much from the recovery of Bitcoin (BTC) over the last few days.
Besides, the community has played a crucial role in the recovery of TRON from its recent lows. Although the TVL in DeFi fell considerably, the number of transactions has grown again, along with stock volume and bullish sentiment.
The community feared the stablecoin TRX would suffer a crash and lose parity with the US dollar, leading the founder of TRON to modify USDD. He also plans to add a USD 10 billion backstop to defend its peg and prevent a LUNA-like collapse.
The Technical Analysis of the TRON Price on 4-Hour Charts
The TRX/USDT 4-hour charts indicate that a bullish channel is in the making. After reaching the resistance at USD 0.0694, the price has dropped momentarily.
The Stochastic RSI confirms that the rise in the price should continue after traders take profits, as it is in oversold territory.
In addition, the Japanese candlesticks are in the central area of the ENV channels. There might be a trend reversal if they crossed below the ENVs. However, that is not the case, and the TRON bulls are driving prices to the next resistance.
If the investors tested this level, there would be a step to around USD 0.0746.
Despite the various bullish signals, the MACD differs from the other technical indicators, as it has crossed its moving averages to the downside.
The Weekly Analysis of the Price of TRON
The weekly technical analysis indicates that the trend will be bullish over the next few days. The Fibonacci retracement warns that the TRON bulls remain in the support zone around 0.786%, while the Stochastic RSI is at oversold levels.
Since the medium-term rally could lead to resistance at USD 0.103, this would be the best time to buy TRON. In addition, the MACD will close higher this week, confirming the bullish continuity if TRX closes to the upside.
By Alexander Salazar