TRON takes a U-turn from its support zone of $0.057 as the bulls push the price upside from its lows, taking the support of the up-trend line. The token has been moving sideways between the price range of $0.071 and $0.057 for the past few days as TRX refuses to ascend or descend from the resistance or support line.
TRON has recently suppressed the downtrend line, and though the bulls are trying to push the price upside but are yet to close above the peak of $0.065. The RSI is at 58, and the indicator line hinting upwards indicates the TRX token may enter the overbought zone as the price bounded in the horizontal range may move from its support to its resistance point.
The MACD line has been ahead of the Signal Line, and the histogram showing green candles denotes an upcoming bullish trend. TRON had already mounted marginally from when the MACD indicated a buy signal. The volume bar shows remote price movement as the TRX candlesticks form below average, showing indecision in the market.
The weekly bullish candle has moved above the highs of the previous 2-week candles and shows a marginal price movement. The MACD indicator is in the bearish zone in the weekly chart. However, the forming candle supressing the trend line and moving upside may indicate a bullish trend in the upcoming days.
The formation of a bullish engulfing pattern at the support line and the forming candle closing above the previous week’s candle may be an opportunity for bullish investors.