Tron Price Analysis: TRX Continues To Stay Below 20-day SMA
Daily TRON TRX Price Forecast
- The Tron price has reversed the parabolic SAR from negative to positive.
- Bollinger Band for TRX shows decreasing price volatility.
Since the beginning of this month, the Tron price has been trending horizontally in a narrow $0.009 channel between $0.083 and $0.074. Looking at the daily chart, TRX has failed to conquer the $0.0826 barrier at least twice – on May 26 and June 3. Let’s take a closer with technical analysis.
Tron Price Fails To Overcome 20-day SMA
Since June 4, The Tron price has failed to overcome the resistance at the 20-day SMA. Despite repeatedly failing at this level, we can see that the chart has flashed two buy signals. Both the MACD and the parabolic SAR shows us that the market sentiment is positive.
Image: TRX/USD daily
Looking at the 4-hour Tron price chart, we can see that over the last 12 hours, TRX has flipped the 20-bar and 50-bar SMAs from support to resistance. The Bollinger band has started narrowing to show that price volatility has massively decreased.
Image: TRX/USD 4-hour
Tron's Justin Sun Becomes A "Golden Whale"
Justin Sun, the CEO of Tron, took part in the largest NFT auction so far. The NFT Glee team held a unique auction at the Bitcoin 2021 conference. The one-of-a-kind Golden Whale Pass provides its owner with lifetime access to all Bitcoin conference events tokenized as an NFT. Sun won the bid.
We are excited to announce @justinsuntron has secured the First Edition Golden Whale Pass by winning the #ForeverWhale NFT with a 12.6 BTC bid!
Sun paid 12.6 BTC (over $460,000) for the "Golden Whale Pass" token that provides him access to all Bitcoin conferences in the future in addition to multiple VIP benefits. Notably, Sun plans to donate this NFT to the Tron-based ecosystem of digital collectibles, APENFT. He said:
It is exciting to see large-scale NFT use cases such as the Golden Whale Pass, and I am excited to be a part of this legacy. Congratulations to The Bitcoin Conference team and the NFT Glee team, I plan on donating this NFT to the APENFT project and look forward to using my pass well into the future.
With this purchase, Sun has stressed his commitment to the concept of NFTs. Previously, Tron Foundation launched a $30 million fund to acquire the most impressive digital artworks in the segment.
Tron Price Is Expected To Reach These Levels
Following the Tron price’s continuous failure at the 20-day SMA, it seems likely that the $0.074 support wall will break and TRX will drop to the 200-day SMA ($0.064).