The market lulls as Tron (TRX) defends Andrew’s Pitchfork support
|- Tron ignores the bear pressure in the market to increase 7% in one week.
- The days ahead of the BitTorrent token airdrop likely to see more bullish activity.
The cryptocurrency market is in deep slumber. Most of the bulls appear to have hibernated while the active once lack the energy push for significant gains. The bears, on the other hand, are not sleeping. The market has been bearish since this week’s trading commenced. The technical levels remain complicated.
At the time of writing, Tron is trading at $0.0027 after correcting lower 0.94% in the last 24 hours. In the last one week, the token spiked slightly more than 7%. Significantly, TRX/USD has recorded a 37% rise in the last 30 days. The digital asset is currently ranked in the 9th position with a market cap of $1.7 billion and a trading volume of $192 million in the last 24 hours.
According to the technical levels on the 4-hour chart, TRX is trading above both the 100-day Simple Moving Average (SMA) and the 200-day SMA. After testing the support at $0.20, the Bulls embarked on an upward move mostly supported by the incoming BitTorrent token airdrop. The price battled to enter the upper channel of Andrew’s Pitchfork but started to deflate as bears took over control. The declines that followed found support at the lower channel of the indicator. This led to an immediate bounce testing $0.0028 on the upside.
If Tron manages to break into the upper section of the lower channel, the price is likely to zoom above $0.0030 and this will market the beginning of a bullish trend. Meanwhile, if the bulls push the crypto below the indicator’s lowest support, TRX/USD is likely to breakdown further towards $0.20. Although Tron’s short-term trend might be bearish, the medium-term trend is still strongly bullish. The days leading to the airdrop are likely to see more bullish activity.
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