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Tron has risen to the 23rd spot on CoinMarketCap’s list of cryptocurrencies, with a market capitalisation of $4.55 billion. Despite the fact that the coin has returned 135 percent to its owners, the demand for the altcoin has become extremely volatile.
TRX was priced at $0.0627 at the time of publication, and it was part of a bearish pattern.
Tron 1-day Chart
Tron’s price has been steadily rising since the end of February, creating a sharp ascending channel. The cryptocurrency broke through resistance thresholds to cross $0.0691, after which its value has been falling into the support level of $0.0565.
As the price falls, a break from the ascending channel will cause the price to fall further as more sellers enter the market.
The Bollinger Bands were diverging, suggesting increased uncertainty. The moving average may offer some stability, but the price may be unable to sustain this amount.
The Relative Strength Index recently showed that the digital asset’s upward trajectory had entered the overbought zone. However, it reverted and fell from this stage. Since then, Tron has stayed close to the overbought region, suggesting that the asset’s pattern could be shifting.
Meanwhile, the Chaikin Money Movement was confirming that money was coming into the market; however, money has now started to flow out of the market, which could result in a further decrease in price.
Take profit: $0.0478
Risk to Reward: 1.57
The Tron market has become a bit more volatile as the price has reached its resistance limit. The price can falter and fall to its next support level of $0.0474, giving traders an opportunity to benefit from a short position.