Tron Price Prediction: TRX On The Verge Of Flashing Buy Signal
Daily TRON TRX Technical Analysis
- Tron price blocked by 20-bar SMA in the 4-hour chart.
- The MACD in the 4-hour chart shows increasing bullish market momentum.
Between May 7 and May 23, the Tron price crashed from $0.15 to $0.63, losing more than half of its overall valuation. During this crash, TRX managed to flip the 20-day 50-day SMA from support to resistance, with the two SMAs crossing over each other to form a bearish cross.
Tron Price Bounces Up From 200-day SMA
Looking at the daily Tron price chart, TRX has bounced up slightly from the 200-day SMA and is presently priced around $0.0705. This recent bounce has prevented the relative strength index from dropping into the oversold zone. As such, a further dip could be in the cards which takes the RSI down to the oversold zone. However, this could usher in a bullish rally. The fact that the TD detector is on the verge of flashing a red-nine bullish candlestick adds further credence to this outlook. The last time the Tron price flashed this signal, TRX had risen by 8.33% ($0.024 to $0.026).
Image: TRX/USD daily
In the 4-hour Tron price chart, TRX had bounced up from the $0.58 support and managed to chart four consecutive bullish candlesticks. However, this rally has been blocked by the 20-bar SMA. The price must overcome this level and rise up to $0.080 to reverse the parabolic SAR from negative to positive. The MACD shows increasing bullish momentum which tells us that the Tron price could reverse the trend to bullish.
Image: TRX/USD 4-hour
Tron Price Is Expected To Reach These Levels
The bulls have two simple goals – Flip the 20-bar SMA, and reverse the parabolic SAR by pushing the Tron price up to $0.080. If they manage to do so, the overall sentiment will be overwhelmingly positive.