Tron Price Prediction: TRX Bears Fail To Break Below 20-day SMA
Daily TRON TRX Technical Analysis
- The Bollinger Band shows increasing Tron price volatility.
- The 4-hour chart has reversed parabolic SAR from negative to positive.
The bears took control of Tron price on May 7 and dropped it from $0.1596 to $0.126 on May 10. Prior to this, TRX climbed up by $0.050 as it rose from $0.102 to $0.152 between April 26 and May 6. As things stand, the 20-day SMA has stopped TRX from going down any further.
Tron Price Sits On Strong Support
The buyers bounced the price up from the 20-day SMA and reached 0.133. However, despite this fightback the overall market sentiment is negative. The MACD shows increasing bearish momentum, while the parabolic SAR is negative.
Image: TRX/USD daily
In the four-hour Tron price chart, TRX had six straight bearish sessions, wherein it fell from $0.145 to $0.123 and dropped down from the 20-day Bollinger Band. However, the buyers have pushed TRX back into the Band.
Image: TRX/USD 4-hour
ORAO To Launch General Data Oracle Services On TRON
ORAO has announced its plans to launch general data products on TRON. ORAO is a blockchain agnostic oracle platform built to support multiple chains, including Polkadot, Ethereum, Elrond, TRON, etc. ORAO uses a proactive rating system to judge data as it is submitted, meaning malicious data never makes it to the buyer in the first place.
This marks a significant improvement over current oracle solutions, which can only detect issues and punish data providers after their bad data has already been delivered. ORAO's general data oracles provide a large variety of secure data at high speeds for everything, such as local weather data or the outcome of football matches and elections.
Nikola Strahija, founder of ORAO said:
One of the key strengths of ORAO is our Predefined Data Protocols, which greatly expand the variety of data products that providers can offer. However, while they make for fantastic flexibility, the fact remains that many of the data products they support would not be economically viable on a platform that is mired in congestion issues.
TRON is rapidly growing into a powerhouse in the market, we are excited to be working with them to make our services available on a network that is accessible to all.
The incredibly high transaction costs and increasing congestion on Ethereum are pricing out many projects and investors. There is a growing need for a fast, scalable and affordable base layer solution, and TRON is aptly positioned to step up and solve this pressing issue.
Justin Sun, the founder of TRON and CEO of BitTorrent, said:
DeFi and crypto should not be limited to high net worth portfolios who can afford congestion pricing. We are seeing a rising trend of many top Ethereum projects moving to TRON. We are thrilled for ORAO to join the TRON Network and reap the benefits of a fast, affordable, and agile network.
Tron Price Is Expected To Reach These Levels
The Tron price will look to break past the $0.146 resistance barrier and reach the $0.15 psychological level.