Tron Technical Analysis: 20-day SMA Prevents Further Downflow

Daily Tron TRX Price Analysis

Last Updated July 23rd 2021
2 Min Read
  • Tron price has had five bearish sessions out of the last six.
  • The MACD shows increasing bearish market momentum.
  • Between April 16 and April 19, the Tron price failed at the $0.165 resistance barrier and dropped to $0.13 over four consecutive bearish sessions. After that, TRX found support at the 20-day SMA.

    Tron Price Shows Increasing Bearish Momentum

    The Tron price is hugging along the 20-day SMA and is trending horizontally around $0.13. Despite this horizontal trend, the overall sentiment of the market is negative. This is apparent due to the following reasons:

    1. The MACD shows increasing bearish market momentum.
    2. The parabolic SAR has reversed from positive to negative.

    Image: TRX/USD daily

    trx/usd daily chart 042221

    The Bollinger band of Tron price has started narrowing which shows decreasing volatility. In this time frame, TRX struggled to overcome the 20-bar SMA resistance.

    Image: TRX/USD 4-hour

    trx/usd 4-hour chart 042221

    Tron Gets DAO Maker’s Token Launch Framework

    DAO Maker recently revealed that it is bringing its model to the TRON network. The partnership between TRON and DAO Maker would bring the latter’s formula to the TRON blockchain network, which is now centered around DeFi.

    One of DAO Maker’s most popular products is its Strong Holder Offering, which allows ardent supporters to acquire tokens for their desired projects. The goal is to incentivize investors to support projects as they build out their protocol as well as to earn profits from ensuring their long-term adoption and success.

    DAO Maker’s TRON incubator aims to become a prominent member of the community. An initial TRON project has already been lined up for DAO Maker. However, the name and details have not yet been disclosed. So far, TRON founder Justin Sun has only spoken about the benefits the partnership will bring. He said: 

    We are excited to be partnering with an industry leader like DAO Maker to bring cross-chain community incubation and fundraising to TRON. This partnership is part of TRON’s commitment to its community to expand the functionalities of the blockchain through world-class strategic partnerships.

    Tron Price is Expected To Reach These Levels

    The buyers may bounce up from the 20-day SMA and reach the $0.146 resistance wall.