Tron Price Prediction: TRX Sandwiched Between Two Key Levels
Daily TRON TRX Technical Analysis
- Tron price fell after encountering resistance at the 200-day SMA.
- The volatility in the 4-hour price chart has been decreasing.
The Tron price fell from $0.082 to $0.0512 between June 4 to June 22 and managed to flip the 200-day SMA from support to resistance. Following this $0.030 crash, the buyers took control of the market.
Tron Price Fails To Conquer 200-day SMA
From June 23, the Tron price bounced up from the $0.051 support wall and is currently trading around $0.066. During this jump. TRX managed to reclaim the 20-day SMA as a crucial support level. Plus, the buyers also managed to flip the parabolic SAR from negative to positive. This Wednesday, TRX dropped from $0.0685 to $0.066 after encountering resistance at the 200-day SMA.
Image: TRX/USD daily
The Bollinger Band in the Tron price 4-hour chart has started narrowing, to show decreasing price volatility. TRX has dropped from $0.069 to $0.066 after encountering resistance at the upper Bollinger Band. During this fall, the relative strength index (RSI) has dropped from the edge of the overbought zone to the neutral territory.
Image: TRX/USD 4-hour
USDC Is Now On Tron and 9 Other Platforms
Fiat to blockchain solution Centre recently announced that it has enabled its members to issue USDC on additional blockchain platforms. USDC was initially launched on Ethereum and was fully implemented on the Algorand, Stellar, and Solana chains in late 2020. The firm said that it anticipates that in the coming months, USDC will become available on Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.
In a blog post, Centre noted that its vision (from inception) was to support USDC on multiple blockchain platforms. "Bringing USDC to multiple chains enables users to take advantage of the speed, scalability and cost-efficiency provided by next-generation public chains," it said.
The firm also added that USDC on multiple platforms helps grow the internet of value and drive individual and enterprise adoption of open blockchain technologies. Centre believes that USDC implemented on multiple chains enhances network effects and supports interoperability among payment infrastructures.
"At Centre we are pleased to collaborate individually with the project teams and communities supporting the blockchain platforms highlighted above. Each one brings exceptional technology and capabilities making it possible to exchange value between people and businesses at the speed of the internet. We anticipate that USDC on these blockchain platforms and multichain protocols will further accelerate the use of the world’s fastest growing digital dollar currency."
Per the blog, Centre will be providing further updates on the timing of the integration of USDC on each of these blockchain platforms in the coming days.
Tron Price Is Expected To Reach These Levels
The MACD in the daily Tron price chart shows sustained bullish momentum, so expect TRX to retest the 200-day SMA. A break above this level will take Tron to 50-day SMA ($0.078).