Tron Shows Bullish Energy And Attracts Investors To Buy TRX

Christian Encila

Last Updated: March 8, 2023 7:26 am

3 mins read

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TRON has been on an uptrend and looking bullish for the past 12 hours. The technical indicators all imply an increased demand on the asset and a steady streak.

Here’s a quick glance of how the crypto has been performing of late:

TRX price up by 0.20% as of this writing
Technical indicators show increased TRX demand
TRON second in line in terms of TVL

Tron Price Retraces By Half

According to CoinMarketCap, TRX price has spiked by 0.20% or is trading at .05529 as of this writing.

TRON has tested the key support level of $0.54 several times this month. TRX price has also retraced by 50% or currently at the $0.0578 level as the coin retreated from 0.066 to $0.047.

Source: TradingView

The Visible Range Volume Profile looked promising too as it showcased the point of control which is at the $0.055 level and with the value area high seen at $0.059.

On November 26, TRON retested the key support level of $0.0527. The bullish breaker can be spotted right below this level extending from $0.0527 to $0.0516.

Evidently, the price has tried to retest the bullish breaker several times, seeing a visible reaction on every retest performed.

TRON has recently disclosed they are second in line in terms of Total Value Locked (TVL), trailing behind Ethereum. It also demonstrated an impressive burn rate which only supports the premise of TRON’s accelerating growth.

TRX total market cap at $5 billion on the daily chart | Chart: TradingView.com

The frequent retests done on the bullish breakers as well as the higher lows has triggered the formation of a right-angled pattern which could be signaling a breakout northwards on price.

On the other hand, Bitcoin is trying to barrel past the mounting pressure experienced at the $17k-$17.4k, which hints that a pullback could give the bulls an opening to go and buy TRX.

Source: TradingView

Tron OBV On The Rise

TRX is now being supported, but is failing to make any notable chart moves. Instead, price action is continuing to move sideways within the pennant that formed.

Meanwhile, a further rejection would send the TRX price action back down, where it would then attempt to test the support provided by the the ascending trendline.

Source: TradingView

Should that level be breached, bearish follow-through trading towards $0.051 can be anticipated.

Since November, it has been observed that TRON’s on-balance volume has been rapidly increasing, which demonstrates an exceptionally high level of buying pressure.

In this case, although the formation of the right-angled pattern hints at an upward breakout, there seems to be another scenario as shown in the flat open interest chart.

This suggests that TRX price may have already peaked which means a lack of further momentum could signify a weakening in the trend.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.