The cryptocurrency market continues to consolidate ahead of the weekend. TRON (TRX) price is broadly higher after eight consecutive days of trading in the green. At the time of writing, TRON was exchanging hands at $0.0602, gaining 2.22% in the last 24 hours and 12.25% weekly. TRON market valuation stands at $4.46 billion with a 24-hour trading volume of $751 million. Liquidity mining which refers to the method of locking in cryptocurrencies to receive rewards went live for the Tron cryptocurrency. To encourage users, Gate.io has added a 20,000 USDT Time-Limited Bonus (from July 16th – August 15th, 2021) to the Stablecoin Liquidity Pools of USDC and TUSD on the Tron Blockchain. Asides from this, the number of daily transactions reached 9,298,611 on July 28th, setting a new record high, highlighting significant growth in the TRON ecosystem.
Key Levels
Resistance Levels: $0.1000, $0.0866, $0.0704
Support Levels: $0.0510, $0.0463, $0.03722
TRX/USD Daily ChartTRX price has been climbing higher since July 21 after hitting support at $0.048. Tron has since gone ahead to mark eight consecutive days in the green. The RSI is reflecting the current bullish move, moving from the oversold region above the neutral 50 marks. Technically, TRX/USD is worth a watch in the coming trading sessions, if a decisive break of the moving averages emerges. Break of the MA 50 barrier at $0.0623 may be the first sign that the victory is finally shifting to the bulls’ side.
We might then see the TRX/USD pair accelerate upwards toward the MA 200 at $0.073. More increases could send the TRX Price towards the $0.095 and then $0.149 levels next. Close above $0.176 would generate a bullish signal which might target attack at the $0.184 yearly high. Shallow correction is expected due to improved sentiment, with dips to be ideally contained at $0.044-$0.048 zone and provide better levels to re-enter the market.
TRX/USD 4-Hour ChartTRX price is returning lower, as the $0.063 level posed significant resistance for the bulls. The RSI is mirroring the price action, which suggests that the bulls may decide to pause for price adjustment. In case of further declines beneath the MA 200 at $0.060, the main support is envisaged at the MA 50 at the $0.058 level. Further dips may test support at $0.052 ahead of the $0.052 low.
Alternatively, if the price reverses back to the upside, the barrier at $0.063 could provide resistance for the TRX/USD pair ahead of the $0.073, $0.094, $0.149, and $0.184 yearly high in the coming sessions. To summarize, a short-lived pullback cannot be ruled out as some bulls take profit. however, the main support at the 4-hour MA 50 ($0.058) is expected to contain dips and provide re-entry into the market.
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