TRON Daily Chart Forms Bullish Upwards-Sloped Parallel Channel

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TRON Daily Chart Forms Bullish Upwards-Sloped Parallel Channel

TRON (TRX) is one of the few coins whose price is up in the last 24 hours and last 7 days, according to CoinMarketCap.

The price of TRX currently stands at $0.06719 after rising 5.72% in the last 24 hours. The recent price movement up has also positively impacted the weekly performance of TRX, resulting in a 2.50%.

Ranked number 21 on CoinMarketCap’s list in terms of market cap, TRON has a market cap of $6,829,028,856. This places it under NEAR Protocol (NEAR) and above Litecoin (LTC).

The 24-hour volume for TRX has fallen slightly to $1,362,349,206, which is an approximate 2% drop in TRX’s trading volume.

TRX price in sloped parallel channel (Source: TradingView)

Looking at the daily chart for TRX/USD, an upward-sloped parallel channel has formed as TRX has posted higher highs and higher lows in the last 1-2 weeks. This could signal that a short- to medium-term bullish trend could be started for TRX.

This bullish move could continue if just looking at candle patterns. Yesterday’s closed red candle is engulfed by today’s current green candle. Should today’s candle close with a higher close than open and continue to engulf the previous candle, then it could signal that the price may continue to rise.

Given the magnitude of today’s upwards price move, it is likely that the next candle will be a retracement. If the retracement is smaller than today’s move, then the bullish move should be confirmed for TRX. If the bullish move is confirmed, then the next target for the price is $0.07.


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