Tron Technical Analysis: TRX Continues To Struggle To Break Past $0.146

Daily Tron TRX Price Analysis

2 Min Read
Last Updated July 23rd 2021
  • Tron price sentiment in the daily chart is negative.
  • The 4-hour chart has flashed multiple positive signals.
  • The bears took control of Tron price on May 7 and dropped it from $0.1596 to $0.126 on May 10. The buyers fought back valiantly on Tuesday and pushed TRX up to $0.14 after bouncing up from the 20-day SMA.

    Bears Take Back Control Of Tron Price

    The bears retook control and pushed the Tron price down to $0.137. Following this Monday’s bearish action, the parabolic SAR got reversed from positive to negative. Looking at the chart, we can see that the $0.146 resistance barrier has stopped the buyers from going up any further. This is a crucial line which is preventing XRP from entering the $0.15 psychological level.

    Image: TRX/USD daily

    TRX/USD daily chart 051321

    In the four-hour Tron price chart, TRX had six straight bearish sessions, wherein it fell from $0.145 to $0.123. Following TRX balanced it out with six straight bullish sessions which flipped the 20-bar and 50-bar SMA from resistance to support and reversed the parabolic SAR from  negative to positive. The MACD shows sustained bullish market momentum. 

    Image: TRX/USD 4-hour

    TRX/USD 4-hour chart 051321

    Justin Sun Wants TRX And BTT In SpaceX Satellite Launch

    Justin Sun, the CEO of TRON, recently enquired with SpaceX to launch Tron and BitTorrent satellites on his behalf. He noted that he is willing to pay $50 million in Dogecoin (DOGE) to make it happen.

    By joining forces with Geometric Energy Corporation, SpaceX is looking to make DOGE the “unit of account for lunar business in the space sector.” By supporting this venture, Sun is hoping to champion the Dogecoin cause. He tweeted: 

    @elonmusk I am serious. I would like to pay $50 million worth $Doge for this launch and you should consider my offer since @SpaceX need first satellite deal transaction paid with doge from customer order. 

    Elon Musk's recent SNL appearance coincided with DOGE's price drop. Later, the SpaceX CEO restated his plans to put Dogecoin on the moon. In Q1 2022, the SpaceX Doge-1 moon mission will embark on the first-ever commercial lunar payload. All of this will be paid for in Dogecoin. Partnering with Geometric Energy, the Falcon 9 rocket will carry a 40kg CubeSat into orbit for research.

    Tom Ochinerom, SpaceX Vice President of Commercial Sales, billed the Doge-1 mission as a tester of DOGE off-planet. He said:

    This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce. 

    Enthusiastic to be a part of this campaign, Sun noted that he wants SpaceX to launch Tron and BitTorrent satellites. However, it is not clear for what purpose he intends their use.

    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.

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