How likely is TRX to hit $ 0.18 before 2021 ends?

Although TRX was among the top 10 cryptocurrencies during a massive bull run in 2019, it has consistently slipped off the charts in recent years. The platform’s famous proponent and founder, Justin Sun, hasn’t been in the news a lot lately either, the popularity of the TRX ecosystem has plummeted to invisible levels. However, the numbers show that it is not a complete failure.

While Tron currently ranks 30th on the rankings with a market cap of $ 7.73 billion, there are certain signs that the asset may rebound on the charts.

Weekly market structure optimistic with more trading volume

Source: trade view

Although the crypto industry recently saw a sharp correction, it barely affected the upward movement of TRX on the weekly chart. During this steady growth, TRX has not had a red candle in its weekly timeframe since September 27th and trading volume is increasing as of press time.

A few other bullish signs are that the TRX is still holding positions above the 20 EMA and 50 MA. In addition, the price is also trading above the sloping resistance line.

Psychology and development are still available boring are not?

Social volume (green) and development activity (yellow) | Source: Santiment

In addition to the market structure, crowd psychology and development also play an important role. According to Santiment, the social volume is currently at a healthy average. However, the values ​​are not as high as in Q1 and Q2 / 2021. Likewise, the growing activity of TRX is continuously decreasing, as shown in the graphic. This shows that the project does not yet have a strong technical team.

As such, the above conflicting indicators don’t represent an upward or downward trend, but it certainly helps to gauge both sides of the coin. However, for the inflow of capital, TRX remained in green color.

Last week, the coin posted a weekly inflow of $ 21.9 million at number 30, beating SOL and ADA. Total AUM inflows for TRX for the past 7 weeks are now $ 79 million, making it the eighth largest asset by asset under management (AUM).

Does that justify retesting an all-time high? No, but it happened with SOL because the successive increase in AUM inflow drove the value of this token to new heights. If the market structure of TRX is similar, the price will rise sharply in the short term.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Minh Anh

According to AMBCrypto

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page