Tron Price Prediction: $0.060 Support Holds Strong Under Pressure
Daily TRON TRX Technical Analysis
- Tron price couldn’t capitalize after flashing a buy signal.
- TRX is still stuck under the 20-day SMA.
- The MACD indicates increasing bearish market momentum.
- The parabolic SAR has flipped from negative to positive.
Tron price has dropped from $0.068 to $0.060 after it met resistance at the 200-day SMA on June 30. During this drop, TRX flipped the 20-day SMA from support to resistance. Before this drop, Tron had climbed from $0.0507 to $0.068 between June 23 and June 29.
Tron Price Meet Continuous Resistance At 20-day SMA
Since July 8, the Tron price has been stuck between the 20-day SMA and the $0.06 support wall. Looking at the daily chart, TRX flashed a buy signal in the form of a red-nine candlestick in the TD sequential detector. However, Tron wasn’t able to take full advantage of this with the upside blocked by several robust resistance barriers.
Image: TRX/USD daily
In the 4-hour Tron price chart, TRX has flashed two sell signals:
Image: TRX/USD 4-hour
Tron Price Is Expected To Reach These Levels
The $0.060 support is extremely important for the Tron price. If this line holds strong, the buyers should be able to retouch the 20-day SMA.