Tron Technical Analysis: TRX Enters $0.080 After Flashing Buy Signal
Daily Tron TRX Price Analysis
- The 4-hour Tron price chart has encountered resistance at the 50-bar SMA.
- TRX faces a major obstacle at the $0.092 resistance barrier.
Tron price managed to chart three straight bullish sessions in the daily chart, wherein it jumped from $0.063 to $0.081. Prior to that, the TRX has plunged from $0.15 to $0.063 from May 7 to May 23. Let’s take a closer look with technical analysis.
Tron Price Has Three Straight Bullish Sessions
The Tron price flashed a buy signal with a red-nine candlestick in the middle of charting three consecutive bullish sessions. The relative strength trending at the edge of the oversold zone. This indicates that TRX can still move up to the $0.1 psychological mark.
Image: TRX/USD daily
In the 4-hour Tron price chart, TRX has overcome the 20-bar SMA but has failed at the 50-bar SMA. However, having reversed the parabolic SAR from negative to positive, the momentum is certainly on the buyers’ side. As such, the bulls will retest the 50-bar SMA soon.
Image: TRX/USD 4-hour
Tron Price Is Expected To Reach These Levels
Having reversed the 20-bar SMA in the 4-hour Tron price chart, the buyers will now need to take down the 50-day SMA. Upon doing that, TRX will take down the $0.1 psychological level.