Tron Technical Analysis: TRX Falls Towards 200-day SMA
Daily Tron TRX Price Analysis
- If Tron price breaks below 200-day SMA, it will flip parabolic SAR from positive to negative.
- TRX on the verge of flashing a buy signal in the 4-hour chart.
Since June 4, the Tron price failed at the $0.0826 resistance barrier and crashed to $0.0695, below the $0.070 psychological level. Prior to that, TRX had jumped from $0.0686 to $0.0826 between May 30 and June 3. Let’s take a closer look at technical analysis.
Tron Price Sandwiched Between 20-day and 200-day SMAs
The Tron price is crashing towards the 200-day SMA. The relative strength index (RSI) is hovering along the edge of the oversold zone. This shows that TRX may drop some more before it becomes oversold. If Tron breaks below 200-day SMA, it will flip the parabolic SAR from negative to positive.
Image: TRX/USD daily
Looking at the 4-hour Tron price chart, TRX has been hovering around $0.070 for the last four sessions. The MACD shows increasing bearish momentum, so expect a further drop. However, also note that Ripple is on the verge of flashing a buy signal with a red-nine candlestick.
Image: TRX/USD 4-hour
Tron To Become First Crypto Organization To Hit El Salvador
El Salvador President Nayib Bukele earlier announced that the Central American country would be entering the Bitcoin market. Since the news broke out, the Bitcoin market has reacted bullishly to the news, and key players are hinting at relocating.
Justin Sun, the founder of Tron, has declared interest in relocating to make Tron the first crypto firm to create a branch in El Salvador. Sun took to Twitter to say:
El Salvador is a crypto nation now! TRON will become the first crypto organization to establish an office in El Salvador! Bitcoin TRX.
Sun got a response from the president himself, who emphasized the benefits of the Bitcoin-friendly country. His response tweet highlights the many upsides of the Central American nation. He said:
- Great weather, world class surfing beaches, beach front properties for sale.
- One of the few countries in the world with no property tax.
- No capital gains tax for #Bitcoin , since it will be a legal currency.
- Immediate permanent residence for crypto entrepreneurs.
Ripple’s Brad Garlinghouse and “Crypto mum” Heister Pierce have noted that a sizeable number of cryptocurrency firms are moving out of the US and into countries with more favorable policies. The US might have to buckle up and review its policies once again or risk losing out on a chance to boost its economy by being home to billion-dollar cryptocurrency firms.
Tron Price Is Expected To Reach These Levels
Following the Tron price’s continuous downtrend, TRX has fallen towards the 200-day SMA. The bulls need to make sure that this level doesn’t break.