TRON Price Analysis: TRX Volume/Market Cap Ratio Reaches 1.34

  • TRX price action jumps from $0.1010 to $0.1315 on Monday’s trading session
  • The 24-hour volume in TRX is at $13,082,400,164 with a ratio of 1.34 to market cap
  • The TRX/BTC pair was trading at 0.000002238 BTC with a gain of 16.71%
Source: TRX/USDT on TradingView

The 4-hour technical chart of TRX price action forecasts a positive trend. According to pivot points, TRX’s critical support level is placed at $0.1010. While diving into the weekly chart of a 4-hour time-frame, it completes a bullish engulfing candlestick pattern representing a bullish trend with high reliability.

EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) intersects above the EMA-55 (red), which projects a strong bullish trend. The price is also above all the EMA’s. Investors may perceive a positive crossover in the EMA, and the price will also follow the positive trend.

RSI indicator (OVERBOUGHT), with a value of 76.10, indicates an overbought situation in the coin. Moreover, Investors can see an upward slope in the index, and it may now cool down in future trading sessions.

The volume of (1.74B) represents a buying volume which is above the Volume MA (1.02B) of 20-days. High buying pressure is maintained in Tron to drive its price to higher levels.

 

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