TRON has undergone a straight line rally with a single-day gain of 18%, that too on a closing basis. While most cryptos are down from their pre-September 07 high, TRX posted a remarkable rise in value. On a measurement basis, this makes the rally starting from July 21 have delivered a return of above 140%.
The price action around TRON has taken a massive jump in recent days. There is a 50% jump from the lows of September 08 to the highs of September 12, which is just five days averaging at 10% gains per day.
TRON Price Analysis
TRX has undergone an enormous rise in volumes when comparing the September 12 volumes of 492 million with the previous day’s volume of close to 100 million. This was undoubtedly a bigger fish spiking the price action, which has had a reverse impact today as we are close to 8% down with just 129 million in volumes.
The price action of Tron has taken support from the 200 Day moving average line indicated by the yellow color. After getting smaller buying actions from close to 200 DMA levels, TRX took off towards its recent high of $0.109 and even surpassed this level with 18% realized gains. The price is trading above the previously realized high and is very close to receiving support from immediate support levels of $0.104.
The moving averages of 100 days come around $0.0704, and 200 DMA comes around $0.0836. There is swing support at $0.0844 levels. All these green support levels have time and again helped Tron reach the higher levels, and since there is a very small gap between the current trading value and the 200 DMA, expect a continued rally. RSI on daily charts is trading at a histogram level of 58, which is another positive indicator.