Tron Price Prediction: TRX Bounces Up From $0.050 Support Wall

Daily TRON TRX Technical Analysis

Last Updated July 23rd 2021
2 Min Read
  • The bulls stormed back after two straight bearish days.
  • Tron price has flipped parabolic SAR in the 4-hour time frame.
  • Between July 5 and July 20, the Tron price dropped considerably from $0.067 to $0.050. During this fall, TRX flipped the 20-day SMA from support to resistance. Along with that, Tron had reversed the parabolic SAR from positive to negative. Let’s take a closer look.

    Buyers Take Control Of Tron Price 

    Following two bearish days, the buyers took back control after bouncing up from the $0.050 support wall. Currently, TRX is hovering around $0.054. This bullish surge has pushed the relative strength index (RSI) from the oversold zone to the neutral zone.

    Image: TRX/USD daily

    TRX/USD daily chart 072221

    In the 4-hour Tron price chart, TRX has flashed three buy signals.

    • TRX has flipped the 20-bar SMA from resistance to support.
    • The MAD shows increasing bullish market momentum.
    • The parabolic SAR has been reversed from negative to positive.

    Image: TRX/USD 4-hour

    TRX/USD 4-hour chart 072221

    Tron-Based NFT Marketplace Burns ~$2.5 Million Worth Of NFT

    APENFT has shared the details of a recent massive token burn event. APENFT is a pioneering ecosystem for non-fungible tokens on the Tron (TRX) blockchain. According to the official announcement shared by the team on its social media channels, 1.03 trillion of its core native NFT assets were destroyed recently.

    "Recently, APENFT bought back and burned $2.52 million worth of NFT tokens. This buyback operation involves 1,030,067,282,396.0035 NFT tokens in circulation in the market, marking the first big buyback since our founding this March."

    At the time of the token burn, this massive amount was equivalent to $2,520,000. As a result, this is the most impressive scarcity boost since the launch of the APENFT marketplace.

    The tokens were transferred to an all-zero Tron (TRX) account to be destroyed for good. This massive batch of tokens is excluded from the circulating supply of NFT. The massive sum is equal to the price of Three Self-Portraits by Andy Warhol, recently purchased by APENFT on a newly launched Binance NFT marketplace.

    As NFT serves as both a governance and utility token of the APENFT ecosystem, its token burn events are scheduled solely by the NFT holders community.

    The community referendum took part on July 7, while the proposal passed on July 10.

    Tron Price Is Expected To Reach These Levels

    The Tron price will need to reach $0.060 to flip the 20-day SMA from resistance to support.

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