Tron Technical Analysis: TRX Trends Horizontally Below 20-day SMA
Daily Tron TRX Price Analysis
- Tron price has consistently failed to flip 20-day SMA.
- MACD shows decreasing market momentum.
On April 26 and April 27, the Tron price jumped from $0.10 to $0.126. Prior to this, between April 16 and April 25, TRX dropped from $0.165 to $0.10 - losing $0.065 in its overall valuation. During this downward movement, Tron bears managed to reverse the 20-day SMA from support to resistance, gaining a very crucial level in the process.
The Tron Price Needs To Cross Above 20-day SMA
Flipping the 20-day SMA from support to resistance was crucial for the bears since this level has been crucial in keeping the Tron price down. The MACD shows decreasing bearish momentum so the buyers may take back control. However, TRX will likely continue to trend horizontally around $1.22 below the 20-day SMA.
Image: TRX/USD daily
In the 4-hour Tron price chart, TRX has been trending horizontally around $0.122 for the last nine sessions. The 20-bar SMA has crossed over both the 50-bar and 200-bar SMAs to form multiple bullish crosses. As things stand, TRX has been sitting on top of the 20-bar SMA.
Image: TRX/USD 4-hour
Justin Sun Launches First-Ever Picasso NFT
Justin Sun, the founder of TRON, has recently launched the NFT (non-fungible token) for "The First Collections," which includes Picasso’s works. Earlier, the Just NFT Fund had purchased a Picasso painting for $20 million. A couple of days back, the team behind the project announced the official launch of the NFT for the collection.
The launch showcases “The First Collections," which includes Femme Nue Couchee Au Collier (Marie-Thérèse), a work by Pablo Picasso. The collection also includes Andy Warhol’s “Three Self-Portraits'', Beeple’s “Ocean’s Front”, Pak’s entire oeuvre of NFT art, in addition to Time Magazine’s “The Computer in Society April 2nd, 1965” NFT cover. The entire collection is valued at over $30 million currently.
The launch marks JUST NFT Fund’s latest initiative to increase the number of actively engaged users with NFTs. Justin Sun said:
I firmly believe that in the next ten years, 50% of the world’s top 100 artists and artworks will be NFTized. The JUST NFT Fund will embrace and strengthen this trend.
According to reports, the current total sales of the NFT market have reached $563 million. The transaction volume exceeded $5.5 million, and the total sales in February increased by nearly eight times compared to January. As of April 25, a total of 196,000 pieces of encrypted art have been sold, and the total market value of NFTx art has exceeded $549 million.
Tron Price Is Expected To Reach These Levels
If the Tron price overcomes the 20-day SMA, it will reach the $0.146 resistance barrier. A drop may take TRX below the $0.10 psychological level and take the price to the 50-day SMA ($0.097).