Tron rose to a one-month high in today’s session, hitting a key resistance point in the process. The surge in price is despite the cryptocurrency market trading mostly lower on Monday. Another exception to this decline was manufacturers, which remained near eight-week highs.
Tron (TRX
Tron (TRX) surged to a four-week high earlier in the week, hitting a key resistance point in the process.
After hitting a low of $0.06234 on Monday,. TRX
/USD rallied to a peak of $0.06492 early in the morning.
This was close to colliding with a key resistance point at $0.06500, with price achieving its strongest point since September 11 in the process.
As you can see from the chart, the previous rally has eased somewhat as traders liquidated positions at this resistance point.
Currently, TRON is trading at $0.06369, which remains nearly 2% above yesterday’s low despite the day’s slippage.
As of this writing, the 14-day Relative Strength Index (RSI) is hovering at 61.65, which is the highest it has been in over 5 months, and the bears could reappear later in the week.
Manufacturers (MKR
Maker (MKR) was also in the green on Monday as the token was trading near a two-month high.
Following Sunday’s high of $1,111.14,{57 MKR/USD fell to an intraday low of $882.56 earlier today.
Token prices have risen over the past week since hitting a bottom of $815.00 last Friday.
As of this writing, the maker is currently trading at $940.45, with the RSI above 70, overbought territory Tracking.
Like Tron earlier, this could be an opportunity for bears to re-enter the market in hopes that the current highs have already been established.
However, some traders will continue to maintain bullish sentiment and hope to see a higher ceiling above $1200.
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Image credits: Shutterstock, Pixabay, Wiki Commons
