Tron Price Analysis: TRX Falls Below Crucial Level
Daily TRON TRX Price Forecast
- Tron price fell after encountering resistance at the 200-day SMA.
- The MACD shows sustained bullish momentum.
The Tron price was sandwiched between the 20-day and 200-day SMA in the daily chart between June 4 and June 20, wherein it fell from $0.082 to $0.068. On June 21 and 22, TRX crashed to $0.0507, wherein it flipped the 200-day SMA from support to resistance. Here is what happened after that.
Tron Price Fails To Conquer 200-day SMA
Since June 23, the buyers took back control of the market and pushed TRX up from the $0.051 support wall to $0.068 till June 30. However, having conquered the 20-day SMA, Tron failed to do the same with 200-day SMA and dropped to $0.0646, flipping back the 20-day SMA from support to resistance.
Image: TRX/USD daily
The Bollinger Band in the Tron price 4-hour chart has started narrowing, to show decreasing price volatility. Over the last two sessions, TRX flipped the 20-bar SMA from support to resistance. The 50-bar SMA has prevented Tron to fall aby further for now.
Image: TRX/USD 4-hour
Tron Price Is Expected To Reach These Levels
The MACD in the daily Tron price chart shows sustained bullish momentum. Hence, it could be possible for the bulls to retake the 20-day and 200-day SMAs and reverse this bearish trend.