Tron Price Analysis: TRX Needs To Take Down $0.084 Resistance To Reverse Market Sentiment
Daily TRON TRX Price Forecast
- The Tron price volatility has been decreasing in the 4-hour time frame.
- TRX is stuck between two strong levels in the 4-hour chart.
Between May 7 and May 24, the Tron price crashed from $0.152 to $0.062, losing $0.090 in its overall valuation. The buyers then bounced up TRX from the 200-day SMA to the $0.084 resistance wall but the price soon got corrected to $0.074.
Will Tron Price Take Down $0.084 Resistance?
The buyers lost momentum at the $0.084 resistance barrier and dropped to $0.0685 between May 27 and May 29. Following this bearish correction, TRX had two consecutive bullish sessions wherein it improved to $0.075. The relative strength index (RSI) is hovering along the oversold zone so a further jump in price is in the cards.
Image: TRX/USD daily
In the 4-hour Tron price chart, TRX flipped the 20-bar SMA from resistance to support. As things stand, Tron is sandwiched between the 20-bar and 50-bar SMAs. The MACD shows sustained bullish market momentum, so further growth is expected. However, the Bollinger Band has started narrowing, which indicates decreasing price volatility. So, expect an upward rise but no drastic jumps.
Image: TRX/USD 4-hour
Tron Price Is Expected To Reach These Levels
The Tron price is currently stuck between two strong levels – $0.084 on the upside and the 200-day SMA on the downside. If the buyers break the $0.084 resistance barrier, it will reverse the parabolic SAR from negative to positive.