Tron Technical Analysis: TRX Falls After Encountering Resistance At the 20-day SMA

Daily Tron TRX Price Analysis

Last Updated July 23rd 2021
1 Min Read
  • Tron price currently has healthy support at the 200-day SMA.
  • The 4-hour chart has flashed multiple sell signals.
  • Between June 4 and June 12, the Tron price has dropped from $0.0817 to $0.068 after encountering resistance at the 20-day SMA. Following this drop, TRX has been trending horizontally between the 20-day and 200-day SMAs.

    Tron Price Falls At Critical Level

    On June 13, the Tron price flashed a buy signal in the form of a red-nine candlestick and went up to $0.072. However, TRX faced resistance at the 20-day SMA and failed to cross it after repeated attempts. Finally, Tron dropped to $0.0697 this Thursday. The relative strength index (RSI) shows that TRX may drop some more before it gets oversold.

    Image: TRX/USD daily

    TRX/USD daily chart 061721

    In the four-hour Tron price chart, TRX has flashed three different sell signals:

    1. Tron flipped the 20-bar and 50-bar SMAs from support to resistance.
    2. The MACD shows increasing bearish market momentum.
    3. The parabolic SAR has flipped from positive to negative.

    Image: TRX/USD 4-hour

    TRX/USD 4-hour chart 061721

    Tron Price Is Expected To Reach These Levels

    As things stand, the Tron price will probably keep hovering between the 20-day and 200-day SMAs. TRX will probably keep trending around $0.070.

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