0

Tron Price Analysis: TRX Bulls Fight Past Sell Signal

2 Min Read
Last Updated April 6th 2021
  • Tron price retreats from the $0.15 level.
  • Since March 31, TRX has risen by 104.50%.

The Tron price rose from $0.066 to $0.135 between March 31 and April 5 – growing up by almost 104.50%. However, is the price going to continue this upward surge? Let’s take a closer look with technical analysis.

 

Tron Flashes Green-Nine Candlestick In The TD Sequential Detector

During the upward surge of Tron price, TRX flashed a sell signal in the form of a green-nine candlestick. However, the buyers soon overcame this obstacle and rose to $0.135. The MACD shows that the market momentum is increasingly bullish so a further growth is expected.

Image: TRX/USD daily

Looking at the 4-hour Tron price chart, TRX reached a high of $0.15 and then retreated to $0.135. The relative strength index (RSI) is hovering in the overbought zone, which shows that the asset is overvalued. This could lead to a further bearish correction.

 

Justin Sun Wins TIME’s Latest NFT Auction

TRON CEO Justin Sun recently said that he placed the winning bid on one of TIME’s non-fungible tokens (NFT). On March 22, TIME Magazine announced three NFTs themed around its 1966 “Is God Dead?” cover. The magazine went on to auction six more covers. Although the original covers were once in mass production, each tokenized digital version is a unique collectible. 

Sun specifically purchased the NFT token of the cover of TIME’s April 2, 1965 edition, titled “The Computer in Society” drawn by Boris Artzybasheff. Sun paid over $200,000 in ETH for the item.

TIME created its NFTs on the Ethereum blockchain through the blockchain firm Superrare. Sun said that he would put the token in his NFT fund and issue it as a token on the TRON blockchain, meaning that the NFT will be up for auction again soon.

The rest of TIME’s NFT collection is owned by three other buyers: Adelia Art Gallery founder Amir Soleymani, 3F Music founder Farzin Fardin Fard, and Metapurse acquisitions head Veritas Kami. 

Sun has won several NFTs to date. On March 23, he announced that he had purchased Beeple’s “Green” NFT art. On March 29, Sun announced his own NFT fund, which will focus on buying and tokenizing art pieces worth at least $1 million and with a median value of $10 million.

Image: TR/USD 4-hour

Tron Price Is Expected To Reach These Levels

Tron price may reach the $0.15 mark again before it faces bearish correction.

Top Brokers in
    All Regulated Brokers
    67% of retail clients lose money when trading CFDs with this provider.