Tron Replaced SHIB By Market Cap Reached 11th Spot: What’s Next?

• 1 Tron price has climbed above key moving averages, reflecting bullish momentum.
• 2 A golden crossover was spotted, the coin was ready for a sharp bull run.

Fueled by the weekly surge of over 15%, Tron (TRX) highlighted strong bullish momentum, replaced the memecoin giant Shiba Inu (SHIB), and grabbed the 11th position per the market cap.

This week, TRX displayed a massive follow-on rise and reached a market cap of $11.13 Billion in the past hours. Apart from that, the TRX coin is preparing to boost the reversal and is eyeing a breakout ahead.

Once the TRX escapes the $0.1280 mark, a sharp bull run might stretch the coin price to $0.1350 shortly. The bullish trend is intact, and buyers have started to dominate.

At press time, TRX price was trading at $0.1244 with an intraday surge of 2.30%, reflecting buying momentum on the charts. It has a monthly return ratio of  10.20% and 68.20% yearly, reflecting an uptrend.

Meanwhile, if the coin fails to split the hurdle and faces rejection, it has multiple downside supports placed around $0.1210, followed by $0.1180, and might settle there.

The pair of TRX/BTC is at 0.00000203 BTC, and the market cap is $11.13 Billion. Analysts are neutral and suggest that TRX may break out and skyrocket toward the $0.1360 mark soon.

What Fueled the Tron (TRX) Recovery: Here’s an Outlook?

This month, TRX made a double bottom formation near its 200-day EMA mark, and a notable recovery was witnessed. Following the buyers’ accumulation from the bottom, the coin consistently formed higher high swings.

Interestingly, the volume buying activity was noted, which gives a strong conviction that big players in the market have added their long positions and are looking for a significant surge ahead.

Notably, the intraday volume rose over 17% to $488.63 Million in the last 24 hours.

Source: Santiment

Per the price action, TRX is likely to extend its leg toward the neckline hurdle of $0.1300 shortly, which is the crucial resistance level to watch out for in the following sessions.

Weighted Sentiment and Price Volatility Data Implies a Positive Outlook 

Following the price surge, the weighted sentiment data improved and rose beyond the midline region, revealing optimism among investors.

Source: Santiment

Meanwhile, the price volatility curve witnessed a follow-on decline, revealing a consistent rise and short covering moves.

Out of 26 key indicators, only 1 indicator signals a sell call, while 8 were neutral and 17 indicated a buy call, which implies a positive outlook.

Notably, the coin reached the 11th place per the market cap and has a total supply value of 89.45 billion.

@CryptoJack, in his tweet, mentioned that TRX had made a descending triangle pattern and might reflect a breakout soon.

Source: X

The immediate support levels for the Tron price are $0.1200 and $0.1180, whereas the key upside hurdle is around $0.1320, followed by $0.1380

Could Tron Break Out this Week?

TRX climbed above the key moving averages and witnessed a golden crossover on the charts. Its key metrics revealed a bullish outlook, implying that a massive bull rally can soon be seen.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.