Tron Corrects Following Parabolic Bullish Session

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Tron (TRX) has recorded a decent rally in the last few days, bouncing back by 15% from a dip last week, which earned it a spot as one of the best performers.

However, the cryptocurrency lost its bullish momentum over the weekend, with the price bottoming at $0.0682 earlier today. Price sentiment changed again after a few hours, with TRX peaking at $0.0700, highlighting an ongoing fight between bull and bears for dominance. At press time, the cryptocurrency trades around $0.0690.

The recent bullish momentum in TRX was partly sponsored by a rebound in Bitcoin after the benchmark cryptocurrency tapped the $24,000 mark, dragging the entire market along. Regardless, Tron still needs to attract more buyers to push the price into full recovery mode.

Meanwhile, Tron has also recorded notable blockchain performance. According to a report from TRONSCAN published today, the network’s transfer value has exceeded the $5 trillion threshold. Not only that, TRX has added 105 million new accounts and recorded over 3.6 billion transactions on its blockchain.

The report further noted that these metrics make TRX “the 2nd largest public chain by stablecoin market cap & Top3 largest public chain by TVL.”

Key Tron Levels to Watch — August 1

Tron appears to be on a corrective move after its parabolic bull session last week. The cryptocurrency currently sits near the $0.0680 mark, as bulls and bears battle it out.

TRXUSD – 4-Hour Chart on Binance. Source: TradingView.

That said, with the prevailing market sentiment, we could see some bullish resumption in the coming hours and days. A breach of the $0.0720 top should trigger some fiery bullish recovery for TRX in August. On the flip side, the $0.0680 mark currently acts as the floor against any extended bearish moves.

Meanwhile, my resistance levels are $0.0700, $0.0720, and $0.0740, and my support levels are $0.0680, $0.0650, and $0.0620.

Total Market Capitalization: $1.06 trillion

Tron Market Capitalization: $6.52 billion

Tron Dominance: 0.61%

Market Rank: #16

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.