Tron (TRX): Assessing Potential Trend Reversals This Week
Tron’s continued price declines have triggered an uptick in pessimism against the cryptocurrency asset, according to Santiment’s new data. Meanwhile, data from the tracking site Coinmarketcap indicated that TRX’s price plummeted by 17.28% YTD.
The persistent drop had TRX investors hoping for a possible price revival in the near term. Santiment stated that increased pessimism toward a digital coin indicated an impending bottom for crypto. The blockchain analytics platform believes the extended capitulation might welcome price rebounds soon.
TRX Bulls Looking for Notable Upticks
While publishing this blog, TRX traded near the $0.06286 value area. The daily chart shows the token’s price has soared since September 29. Coinmarketcap data shows the alternative coin gained 2% in October.
The token’s price growth matched the connection by the Moving Average Convergence Divergence (MACD) line with the trendline in an upside direction. That showed the start of a bullish cycle during September’s final sessions.
Moreover, the surging TRX price saw the Chaikin Money Flow’s dynamic line climbing from beneath the central line to beyond 0.07 at this publication. Only a substantial buying momentum uptick can trigger such CMF movements within a week.
Moreover, the RSI (Relative Strength Index) stood at 57.40 during this publication, maintaining uptrends. The indicator climbed from beneath 50 as TRX recorded increased buyers within the last few days. The MFI (Money Flow Index) toed a similar road at 61.88 at this writing.
Tron buyers controlled the marketplace at the moment, according to DMI’s (Directional Movement Index) position. Buyer strength at 20.48 outshined sellers at 14.95. Meanwhile, price upticks within the last few days have triggered a rising wedge formation of the daily chart.
Price declines usually following this move. Thus, market players ready to trade against and with the market should watch for reversals. Also, TRX enthusiasts should evaluate broad marketplace cues for exemplary accomplishments. Bears remain in the front seat during this writing.
Bitcoin lost 0.46% over the past day to change hands at $19,394.47. The bellwether cryptocurrency has to overpower near-term hurdles for stable surges. That would strengthen the altcoin market, welcoming solid upsides in alts such as TRX.