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Tron [TRX] Could Endure A Correction Before Its Big Breakout



Tron [TRX] suffered a major setback as it slumped down the crypto ladder. Despite this, the coin had smooth sailing in terms of price.

The global market cap of the crypto market was at a high of $1.46 trillion. Ethereum [ETH] had moved past $200 billion in market cap as Bitcoin [BTC] continued staying above Tesla and Facebook. The rise in the institutional interest in the king coin pumped its price to a high of $47K. While BTC hasn’t moved past this, the community speculated that the coin could pump up to a high of $60K soon. XRP seemed to have tackled the bears induced by the SEC as it was surging over 4% in the last 24-hours.

Dogecoin [DOGE], Uniswap [UNI], Bitcoin SV [BSV], and several others pushed TRX down to the twentieth position. The market cap of the asset was noted at $3.9 billion. At press time, TRX was trading for $0.054 with a 1.28% drop in the last 24-hours.


Tron [TRX] One-Hour Price Chart


The one-hour price chart of the altcoin was indicating the presence of the bear. The Parabolic SAR indicator with dotted lines above the candlesticks blocked the chances of an upward breakout in the next couple of hours. The Awesome Oscillator indicator also followed suit and announced bear occupancy in the TRX market. The short term price chart of TRX on Binance had limited activity, the Relative Strength Index indicator pointed out.

Tron [TRX] One-Day Price Chart

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The Bollinger Bands indicator used in the one-day price chart of TRX suggested that Justin Sun’s coin was in for an increase in volatility. The MACD line was over the signal line and this crossover was achieved back at the beginning of the month. The MACD indicator hence revealed a bullish sentiment. The Stochastic RSI indicator had almost hit 100 median further reporting that TRX was being overbought.