TRON Price Forecast: TRX Uptrend Inhibited, More Declines to Follow
- TRON price is on the verge of another downswing, especially if it closes the day under $0.055.
- Sideways trading may gain traction if the technical picture remains unchanged, according to the MACD.
TRON trading in the new week is not different from the rest of the cryptocurrency market. Losses continue to dominate the price action, with the immediate support at $0.055 in jeopardy.
The smart contract token also trades within the confines of a descending parallel pattern, whereby the middle boundary caps the immediate upside. Trading above this zone could validate a recovery mission heading to $0.06.
However, investors should be aware of the possible resistance at the upper boundary and the 200 Simple Moving Average (SMA) at $0.06. In the meantime, it is apparent that losses will continue to soar in the near term.
TRON Price Further Decline In The Offing
The Moving Average Convergence Divergence (MACD) indicator appears to be slightly leaning to the bullish side. This indicator moves in tandem with the trend of the asset and calculates its momentum. The minor recovery of TRON from the descending channel’s lower edge support was initially supported by a buy signal from the MACD.
Nonetheless, it is implausible that the uptrend will hold water, especially now that the technical tool has stalled before brushing shoulders with the mean line.
A sell signal will add weight to the downtrend on the flip side if the 12-day exponential moving average in the MACD crosses below the 26-day moving average. A move such as this will call more sellers into the market. At the same time, a daily close below $0.055 may validate the subsequent losses toward $0.05.
TRX/USD four-hour chart
The SuperTrend indicator on the 12-hour chart has a bearish signal. This technical tool overlays the chart like a moving average. Additionally, the SuperTrend utilizes the average true range (ATR) in its calculations, thus sending bearish or bullish signals. At the time of writing, a recent call to sell appeared as the indicator changed from green to red and closed the above TRON.
TRX/USD 12-hour chart
It is worth mentioning that TRON’s uptrend will resume if the price closes the day above the channel’s middle boundary. Another daily close above $0.055 will allow bulls to gain traction toward $0.06 and perhaps trigger an upswing toward $0.11.