Tron Price Analysis: TRX Flips 200-day SMA From Support To Resistance
Daily TRON TRX Price Forecast
- Tron price volatility is increasing slightly.
- The MACD in the 4-hour chart shows increasing bearish market momentum.
The Tron price tumbled from $0.0817 to $0.068 between June 4 and June 12, after encountering resistance at the 20-day SMA. Following this drop, TRX has been trending horizontally between the 20-day and 200-day SMAs. However, after repeated failure at the 20-day SMA, TRX has dropped down.
Tron Price Flips 200-day SMA
Over the last three days, the Tron price has crashed from $0.073 to $0.064, dropping below the 200-day SMA. At the same time, the Bollinger Band has started expanding to accommodate for this increased volatility. The relative strength index (RSI) shows that TRX could drop some more before it gets oversold.
Image: TRX/USD daily
In the four-hour Tron price chart, TRX has flashed three different sell signals:
- Tron flipped the 20-bar and 50-bar SMAs from support to resistance.
- The MACD shows increasing bearish market momentum.
- The parabolic SAR has shifted from positive to negative.
Image: TRX/USD 4-hour
Tron (TRX) Ranks 1st in Transactions Per Second
The Tron network recently ranked first in terms of handling the highest number of transactions per second (TPS). Tron community member @TronixTrx first observed this milestone. They explained that Tron is currently processing more transactions per second than Bitcoin, Ethereum, Cardano, and XRP.
@TronixTrx shared their analysis on Twitter with a chart from Coinmetrics to demonstrate how Tron leads the rest in transactions per second.
A peek at the same data from Coinmetrics reveals that Tron overtook XRP in January, in terms of transactions per second.
In terms of network growth, unique addresses on the Tron network have just exceeded 40 million. The project’s founder and CEO, Justin Sun, shared this new milestone and thanked the Tron community for its support over the years.
Tron is currently staring at a death cross that could occur in the first few weeks of July. The possibility of such an event occurring has been highlighted in the following daily TRX/USDT chart.
Tron’s trade volume has been reducing since the massive crypto-wide selloff of last month, as per the chart. Furthermore, the daily MACD indicates additional weakness by Tron (TRX) that could lead to the ultimate loss of the 200-day moving average as support. The daily MFI and RSI also confirm the stated weakness.
So despite the impressive on-chain metrics on the Tron blockchain, the digital asset of TRX could be headed for a tough few weeks in the crypto markets.
Tron Price Is Expected To Reach These Levels
As things stand, the Tron price will probably drop to the $0.06 psychological level.