Tron Price Movement Analysis for 22nd March, 2021

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Tron is ranked 21st on the CoinMarketCap ranking, with a market capitalisation of $4.62 billion. Year to date, the digital asset has returned 151 percent to owners. TRX was trading at $0.0261 at the start of the year, and the equity surge took it to $0.0656.

The TRX market was priced at $0.063 at the time of publication, indicating that the rally was still ongoing.

Tron Daily chart

Source: TRXUSD on TradingView

The Tron map above shows that the asset’s worth was stuck at $0.0339 until January. However, as February brought in a strong bullish trend, TRX smashed through the resistance and soared to $0.0704.

TRX has not visited the market range in two years since rallying alongside Bitcoin and other altcoins. The price was currently rising inside an ascending channel, expecting a breakout. Despite the fact that the price has started to rise, there is a good possibility of a significant reversal.

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Reasoning

The current market may undergo a bullish breakout first. When the Bollinger bands diverged, the TRX market began to experience heightened uncertainty. The divergence indicated that the market was pushing higher. The signal and the 50 moving average, on the other hand, had taken a spot under the candlesticks. This was due to the price trending upward.

The relative strength index, on the other hand, was on the brink of entering the overbought sector. This meant that at the time of publishing, buyers were exerting greater market demand than sellers. The market’s overall momentum has been excessively bullish; but, considering the MACD line’s dramatic increase, there is a risk of a heavy decline following the uptrend.

 

Conclusion

Tron’s new business tended to be highly optimistic. This powerful bullish pattern, however, could be accompanied by a sharp reversal. Traders should show caution as the market hits the next imminent resistance stage, as a pattern adjustment cannot be ruled out.

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