Tron continues to push higher. Are these bullish reversal signs?

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Tron continues to push higher. Are these bullish reversal signs?

By Motiur Rahman - min read
  • Tron has gained 3% in the past day as the crypto market opens lower.

  • The network’s surging transactions are partly the cause of the uptick.

  • The token, however, remains vulnerable to the overall market sentiment.

TRON TRX/USD is up 3% in the past 24 hours and 4% in the past week. The token is trading for $0.064, the highest gain among the top 15 cryptos. Could it be readying for better gains when crypto hits full recovery?

Several factors are putting the smart contract platform on the winning side. One of them is the surge in transaction volumes. According to data from Tronscan, Tron’s transactions surpassed 4 billion on October 10.

Besides, its total value locked (TVL) is up 2% in the past day at $5.71 billion. Similarly, the number of accounts opened on the dApps network is rising. The figure has reached 115 million in the past two months.

Part of the positive sentiment is the rising developer interest. The same could be due to the network transaction fee reduction. Since then, Tron has seen steady scalability.

Last on the fundamentals is Justin Sun’s rumoured acquisition of Huobi Global. The entrepreneur is alleged to be the actual buyer of the crypto exchange. It is also believed that the purchase was closed with the help of FTX founder Sam Bankman-Fried.

TRON moves on an uptrend after finding support at $0.05

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Source: TradingView

Technically, TRX is on an uptrend. From the daily chart above, the Fibonacci retracement levels are $0.0062 (23.6%), $0.063(38.2%), $0.064(50%), and $0.066(61.8%). The swing high is at $0.07, while $0.059 is the swing low. Further, despite the fact that the RSI is at 64, there is adequate space for more upside.

Concluding thoughts

TRON is trending on a clear upside. Based on the Fibonacci retracement levels, $0.066 is the next level to watch for a possible retracement.

The current uptrend is a potential bullish reversal sign. However, much as Tron has strong fundamentals, the overall crypto sentiment is a significant factor.