Tron Technical Analysis: TRX On The Verge Of Entering $0.070

Daily TRON TRX Price Forecast

Last Updated August 6th 2021
2 Min Read
  • Tron price has two straight bullish sessions.
  • TRX is on the verge of getting overpriced in the 4-hour chart.

The Tron price has jumped from $0.0637 to $0.069 over the last two days as the buyers have taken full control of the market. Previously, Tron dropped from $0.067 to $0.050 between July 5 and July 20. During the drop, the sellers flipped 20-day SMA and parabolic SAR to bearish.

Tron Price Buyers In Control For The Second Straight Day

The Tron price has been in a general uptrend. Tron had jumped from $0.050 to $0.063 between July 21 and July 30. During this jump, TRX managed to:

  • Flip the 20-day and 50-day SMAs from resistance to support.
  • Reverse the parabolic SAR from negative to positive.
  • Flip MACD from bearish to bullish.

Image: TRX/USD daily

TRX/USD daily chart 080621

In the 4-hour Tron price chart,  TRX is comfortable hovering above the green Ichimoku cloud. The relative strength index (RSI) is trending at the edge of the overbought zone. This tells us that if TRX jumps a bit more, it will get overpriced.

Image: TRX/USD 4-hour

TRX/USD 4-hour chart 080621

Is Tron Price Faltering?

The Tron network has been widely regarded as the "Ethereum killer" in the crypto community. However, existing data show that Tron is nowhere close to being compared to Ethereum right now. A recent report from Tron highlighted that Tron added 2.3 million new addresses this week. However, TRX’s active addresses have been constantly falling. They were down by 1 million in the last few days.

On the other hand, Ethereum’s active addresses have been rising, with over 120 million addresses at the moment. 

Source: Messari 

TRX/USD messari chart 080621

The report also mentioned over the past week, 52 million transactions were recorded. Even though the transaction numbers are going up, the transaction values were no more than $100. Even at their ATH, transactions were worth less than $1,500. On the other hand, Ethereum’s average transaction value was $9,500, and its highest, $130,000.

Source: Messari 

TRX/USD messari chart 2 080621

The community is losing faith in the altcoin as well. Investor sentiment, for instance, has been on a consistent downtrend, especially since April.

Additionally, TRX’s real volumes were at a 7-month low too, plummeting from almost $3 billion to $76 million. These drops are not insignificant either as they practically shape the status of the “Ethereum killer.”

Tron Price Is Expected To Reach These Levels

After crossing the $0.070 psychological level, the Tron price has to take down the 200-day SMA, which coincides with the $0.075 line.

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