Tron Technical Analysis: TRX Uptrend Blocked By The 200-day SMA

Daily Tron TRX Price Analysis

Last Updated July 23rd 2021
2 Min Read
  • Tron price sits under the 20-day and 200-day SMAs.
  • The MACD in the daily chart has reversed from bearish to bullish.
  • Between June 4 and June 22, the Tron price crashed from $0.082 to $0.0512 – losing almost $0.03 in its overall valuation. During this drop, TRX has met continuous resistance at the 20-day SMA and flipped the 200-day SMA from support to resistance. Let’s take a closer look.

    Tron Price Shoots up

    Since June 23, the Tron price bounced up from the $0.051 support wall and is currently hovering around $0.067. As things stand, TRX’s uptrend is blocked by the 20-day and 200-day SMAs. The MACD has reversed from bearish to bullish due to this upward climb. If Tron manages to break above the 20-day and 200-day confluence, it should reverse the parabolic SAR from negative to positive.

    Image: TRX/USD daily

    TRX/USD daily chart 062521

    Looking at the 4-hour Tron price chart, TRX bounced up from the $0.050 support wall and flipped the 20-bar and 50-bar SMAs. As per the TD sequential detector, Tron could rise up for three more sessions before it flashes the green-nine candlestick. The relative strength index (RSI) will creep into the overbought zone as a result and it could potentially trigger another bearish correction.

    Image: TRX/USD 4-hour

    TRX/USD 4-hour chart 062521

    Binance's NFT Marketplace Collaborates with Tron and APENFT

    Binance celebrated the launch of its non-fungible token (NFT) marketplace recently. The marketplace is a digital collectibles trading platform by the world-leading cryptocurrency exchange. 

    Binance's NFT marketplace went live on June 24, 2021. Iconic masterpieces by Salvador Dali and Andy Warhol were featured as the inaugural offerings. 

    Its pioneering premium NFT auction, dubbed "Genesis," boasts two world-famous paintings: Andy Warhol's Three Self-Portraits and Salvador Dali's Divine Comedy: rebeget. Warhol's Three Self-Portraits represents the iconic artwork for the global pop-art movement. Divine Comedy was created for the Italian government in 1965 to commemorate the 700th anniversary of Dante's birth.

    Helen Hai, head of Binance NFT, underlined the paramount importance of the event for the entire segment of non-fungible tokens. She said:

    Binance shares similar values as ‘Genesis’, revolutionizing the fintech space with blockchain technology and crypto, paving the ways as a blockchain pioneer leader, just like how ‘Genesis’ auction will do the same for the NFT industry.

    Besides the "Genesis" event, Binance's NFT platform invited all enthusiasts to participate in the “Mystery Box” lottery featuring 16 collectible "tokidoki" characters. A "tokidoki," which means "sometimes" in Japanese, gets created through NFKings Productions on Binance NFT.

    Tron Price Is Expected To Reach These Levels

    Tron price faces strong resistance at $0.068 which sees a confluence of the 20-day and 200-day SMAs. A break above this level will flip the parabolic SAR from negative to positive.