Tron [TRX] has been making news in the cryptocurrency markets after shooting up by 9% today, 13th October. While all the other altcoins are experiencing a dull price run, TRX is bullish. Many have speculated Tron’s success to be due to the announcement made by its Founder, Justin Sun.
He recently alerted the Tronix to look out for a secret name to be added to Tron’s partnerships. The collaboration was stated to be with an industry giant with a huge capital involved.
At the time of writing, TRX was trading at $0.0237 with a market cap of $1.56 billion. The price is currently up by 7.55% with a 24-hour trading volume of $175.9 million.
The Bollinger band is indicating towards an increased volatility in the Tron market as it has widenened its neck to give space to price fluctuation.
The MACD is betting on the TRX market to turn bullish in the upcoming run. It is not surprising as the MACD crossed above the signal a while back and is still holding on to the signs.
The Parabolic SAR is also claiming the bull’s presence in this scenario. The dots have made an appearance below the candlesticks to support a healthy market for the cryptocurrency.
In the 1-day timeframe of the TRX candlesticks, the trend lines ranging from $0.0912 to $0.027 are forming a descending triangle with the support set at $0.018. The resistance and the support lines are soon to collide, leaving a considerable amount of time for the breakout to occur.
The Chaikin Money Flow [CMF] indicator showed a slight dip into the danger zone but came out victorious and is currently strolling over the green paths.
The RSI is also inclined towards a positive price prediction, cheering for the bull to take over the TRX market.
The oracle of this technical analysis has declared TRX invictus with all the indicators, namely, Parabolic SAR, MACD, RSI and CMF flashing the green light. However, only the future will decide the fate of the altcoin.
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