Tron Technical Analysis: TRX Sandwiched Between Two Critical Levels
Daily Tron TRX Price Analysis
- Tron price sentiment has turned positive in the daily and 4-hour charts.
- The MACD shows sustained bullish momentum.
On June 4, the Tron price met resistance at the 20-day SMA and dropped from $0.082 to $0.0507 on June 22. During this drop, TRX flipped the 200-day SMA from support to resistance. Here is what happened after that.
Tron Price Sits On 20-day SMA
Between June 23 and June 29, the Tron price jumped from $0.0507 to $0.067 and flipped the 20-day SMA from resistance to support. However, TRX has since met repeated resistance at the 200-day SMA. Since June 30, Tron has been pretty much sandwiched between the 20-day and 200-day SMAs. The MACD shows sustained bullish market momentum.
Image: TRX/USD daily
The TD sequential detector in the 4-hour Tron price chart shows that TRX could have three more bullish sessions before charting the green-nine candlestick (a sell signal). Due to this recent rise, the MACD has reversed from bearish to bullish. Plus, both the 20-bar and 50-bar SMAs have flipped from resistance to support.
Image: TRX/USD 4-hour
Tron Price Is Expected To Reach These Levels
If the buyers gain enough momentum to break above the 200-day SMA, they will encounter another immediate resistance barrier at the 50-day SMA ($0.075).