With the crypto market grappling with uncertainty, the community has experienced a volatile price action over the past few days. Meanwhile, the Tron price has failed to regain momentum. This resulted in TRX recording a neutral price action last month. However, it is on the path of experiencing a major price action during the upcoming days as it is about to break a trend pattern.
Considering the press market sentiments, the Tron blockchain is regaining momentum as the on-chain data shows a high possibility of a bullish reversal in the upcoming time. To find out more about the latest happenings on the Tron blockchain, scroll below.
TRX Token Forms Triangle Pattern in the Daily Time-Frame
The TRX coin price is exchanging hands at $0.2464 with an intraday trading volume of $404.11 million. With a circulating supply of 94.92 billion, it has a market cap of $23.308 billion. The Tron price has formed a triangle pattern and continues to trade within it since mid-March. This highlights an increase in the bullish sentiment for the altcoin in the cryptocurrency market.
The Relative Strength Index (RSI) continues to hover over the neutral point in the daily time frame. Moreover, it is on the path of experiencing a bullish crossover in the Tron price chart. This suggests a bullish outlook for the altcoin in the cryptocurrency market.
Furthermore, the Simple Moving Average (SMA) displays a similar price action by experiencing a positive crossover in the price chart. By evaluating the present market sentiments, the TRX coin price may continue gaining momentum in the upcoming time.
What’s Next For Tron Price This Month?
If the TRX crypto price breaks out of its important resistance level of $0.25, this could result in it preparing to test its upper price target of $0.29. Moreover, if the bullish sentiment intensifies at that point, this could result in it heading toward its resistance level of $0.33 this month.
On the contrary, if the bears outrun the bulls, the Tron price could break down its support trendline of the triangle pattern and drop toward its $0.22 mark. Furthermore, if the liquidation does not come under control at that point, the TRX crypto token could plunge toward its lower support of $0.21.
Also Read: Justin Sun Warns of Scam After TRON DAO Twitter Hack
