Finally, Tron price surged by 20% over the last week but will it continue to climb from here?

By Selena On Aug 15, 2020

Several other top altcoins in the top 100 by market cap have seen a strong rebound. But, a handful of the top altcoins like Tron and Litecoin have fallen behind. Tron price has increased by 20% compared to last week but still not outstanding. Can Tron climb up from here and catch up with the rest of the market?

Tron price is up 20% per week, but will the bulls hold the momentum?

Tron was one of the big winners in the crypto bubble of 2017, like many other top altcoins. Justin Sun’s TRX was loved and hated by both the crypto community, but still shocked the world by surging 15,000% in just one month.

TRXUSD Monthly Price Chart | Source: TradingView

And like all other altcoins, which also surprised the community, Tron’s price fell 90% as the crypto bubble burst, and capital began to flow out of these less liquid assets. And unfortunately, with a bear market following, Tron is tough to get back to the previous highs and fall deeper and deeper toward the last bottom. At press time, TRX’s price is hovering around $ 0.024.

Since the Black Thursday recovery crash, Tron has recovered back close to $ 0.03, but there is a long way to go before returning to its all-time high price. But after rising 20% this week, Tron may be preparing for a protracted rally.

Strong sell-off and poor market sentiment have brought Tron low. Still, as the positivity and profits return to the cryptocurrency market, even Tron, XRP, and other altcoins are starting to move.

The overall crypto market is up more than 80% by 2020 and starts to tend to go up again. The positive momentum and the uptrend are currently flooding into Tron, according to the Average Direction Index. The trend strength indicator shows that trends are becoming strong enough to sustain when they reach 20 or higher.

Before Black Thursday, although Tron was trading at a similar level, the Average Direction Index was not ready to support the rally. The bulls then regained control, indicated by the Direction Move Indicator, when the green crossed the red line.

TRXUSD Monthly Price Chart | Source: TradingView

The black line represents the Average Direction Index itself, is above the 20 critical levels and is ready to rise. The high timeframe resistance is being penetrated just as the uptrend is evaporating, which suggests resistance will soon be broken, and Tron will push higher.

Everyone wants the TRX price to go even higher. TRX will have resistance to trade in the $ 0.1 range, then again at an all-time high. If Tron can break those things, it’s possible to explore prices and set new records.

Read more: