Tron has risen 15% in the last 24 hours as the cryptocurrency market begins a recovery after recent price crashes.
The crypto market is slowly recovering after losing over a trillion in market value in recent weeks. Bitcoin has risen and is now trading above $ 38,000, while Ethereum has risen 21% in the last 24 hours and is currently trading at $ 2,572 per coin.
Tron is also one of the biggest winners since the beginning of the week. TRX is up 15% and could continue to climb higher in the coming days and weeks if current market dynamics continue. Some experts are confident that the recent price crash was not a bear trap, but merely a bear trap, and that Bitcoin and altcoins are likely to pick up again soon.
Massive downwards move.
Good bounce upwards, some altcoins even bouncing to the pre-dump levels with no retrace.
Holding strong here.
It’s not like the start of the actual bear market.
It feels more like a trap.
— Michaël van de Poppe (@CryptoMichNL) May 23, 2021
TRX Price Forecast
After an excellent performance in the last 24 hours, TRX could see further gains in the coming hours. Despite the massive selling pressure in the market, TRX defended its clear support above $ 0,05. That gave him a boost and allowed him to form greater support at $ 0.076.
If the market maintains its current momentum, the TRX / USD pair could soon overcome the nearest resistance at $ 0,089, which could allow the cryptocurrency to reach its 100-day SMA at $ 0,1089. However, TRX must first build strong support around its 50-day SMA ($0.0876) before it can rise above $ 0.10.
4-Hour Chart TRX / USD: Source: Coinalyze
TRX’s technical indicators are still pessimistic, with the MACD line below the red threshold and the RSI still below 50. Understandable, considering that TRX has fallen by 33% against the US dollar on the weekly chart.
However, the technical indicators have improved and indicate a possible extension of the current run.
If the bears regain control of the market, TRX will lose its current support at $ 0.076, which would bring other minor support levels into play. The bulls have defended the important support level at $ 0.055 and could do it again if the sell – off continues.