Tron Price Analysis: TRX Sits On Top Of 50-day SMA Support
Daily TRON TRX Price Forecast
- Tron price has flipped the parabolic SAR from bullish to bearish.
- The 4-hour chart has flashed multiple positive signals.
Since May 7, the Tron price has been on a downward spiral, dropping from $0.15 to $0.12. During this downward surge, TRX managed to flip the 20-day SMA from support to resistance. Prior to this downward movement, TRX had jumped from $0.10 to $0.15 between April 26 and May 6. Let’s take a closer look at technical analysis.
Tron Price Shows Increasing Bearish Momentum
As things stand, the Tron price has found support at the 50-day SMA and is priced at $0.122. This 50-day SMA support is very crucial since if TRX breaks below this, it will not have any strong support line. The MACD shows increasing bearish momentum so a further drop could be in the cards..
Image: TRX/USD daily
In the four-hour Tron price chart, TRX has crashed below the 20-bar, 50-bar, and 200-bar SMAs. During this downtrend, TRX had flipped the parabolic SAR from positive to negative. The relative strength index (RSI) is on the verge of getting oversold, which is a testament to how bearish the current sentiment is.
Image: TRX/USD 4-hour
Tron Price Is Expected To Reach These Levels
If Tron price breaks below the 50-day SMA, the next strong support will be at the 200-day SMA ($0.0574).