Tron Price Analysis: TRX Flashes Buy Signal, Upward Surge In The Cards?
Daily TRON TRX Price Forecast
- The 4-hour Tron price chart has flashed multiple buy signals.
- TRX faces a major obstacle at the $0.092 resistance barrier.
- Flip the parabolic SAR from negative to positive.
- Reverse the market momentum (MACD) from bearish to bullish.
- Flip the 20-bar SMA from resistance to support.
Over the last two days, the buyers managed to take control of the Tron price and pushed it up by $0.015 to $0.078. Before that TRX had crashed from $0.15 to $0.063 – losing almost 60% in its overall valuation. During this plunge, TRX managed to flip the 20-day 50-day SMA from support to resistance.
Tron Price Flashes Buy Signal
This Tuesday, the Tron price has flashed a buy signal in the form of a red-nine candlestick in the TD sequential detector. Usually, this is a very bullish signal and tells us that TRX will likely climb to the $0.1 resistance barrier. The relative strength index (RSI) is at the edge of the oversold zone, so a drastic rise is definitely in the cards.
Image: TRX/USD daily
In the 4-hour Tron price chart, we can closely investigate how the market has flipped from bearish to bullish. TRX bounced up from the $0.058 support line and jumped to $0.078. Due to this surge, Tron managed to:
Image: TRX/USD 4-hour
Tron An BSCPad Partnership To Release First Native IDO Platform
Tron Foundation is all set to roll out its first-ever platform for initial DEX offerings, TRONPAD. The offering is a result of Tron's collaboration with BSCPad, a token sale launchpad on Binance Smart Chain (BSC).
To allow all promising cryptocurrency projects to raise funds in a decentralized way, the Tron team has entered a strategic partnership with BSCPad. TRONPad will share the ideology of BSCPad. That is, it aims to let every crypto enthusiast participate in token sales, not only "one percent of fat cats."
Justin Sun, the founder of TRON, highlighted the significance of the initial decentralized offering as a new way to facilitate token sales for early-stage products:
The BSCPad team is very strong and knowledgeable, they consist of some of the top players in the space. We are looking forward to taking this collaboration to new heights. As the hyperadoption of crypto continues to explode, TRONPAD will serve as a fair IDO platform for projects launching on the TRON blockchain.
Top-notch representatives of BSCPad stated that they are excited to enter a partnership with the Tron Foundation:
We are very happy to be collaborating with the TRON team to build the first-ever native IDO platform on one of the largest blockchain networks. We believe that providing users with a predictable and provably fair system gives users the proper incentives to accumulate and hold tokens and support every project launched.
As on BSCPad, potential participants in IDOs will be organized into "tiers." BSCPad activity contributed to the exponential growth of the Binance Smart Chain (BSC) ecosystem. Since its inception in March 2021, Binance Smart Chain (BSC) witnessed 21 million new wallets registered.
Tron Price Is Expected To Reach These Levels
Having reversed the 20-bar SMA in the 4-hour Tron price chart, the buyers will now need to take down the 50-day SMA. Upon doing that, TRX will take down the $0.1 psychological level.