Tron Technical Analysis: TRX Volatility In The 4-hour Chart Going Down

Daily Tron TRX Price Analysis

2 Min Read
Last Updated July 23rd 2021
  • Tron price is still stuck under the 20-day SMA.
  • TRX in the 4-hour timeframe has bounced up from the ovesold zone.
  • Tron price encountered resistance at the 20-day SMA on June 4 and has since crashed from $0.0826 to $0.068. Before this crash, TRX has been horizontally moving between the $0.0826 resistance and the 200-day SMA since May 22.

    Tron Price Volatility Has Gone Down

    When you look at the daily Tron price chart, we can see that TRX has flashed multiple sell signals. 

    • TRX is currently sitting underneath the 20-day SMA.
    • The MACD looks to flip from bullish to bearish.
    • The parabolic SAR indicates that the current market sentiment is negative.

    Image: TRX/USD daily

    TRX/USD daily chart 061421

    The Tron price dropped from $0.0746 to $0.066 between June 10 and June 12, after encountering resistance at the 50-bar SMA. During this crash, the relative strength index (RSI) dropped from 58 to 42.50, as TRX is presently hovering next to the oversold zone. At the same time, Tron managed to flip the 20-bar SMA from support to resistance. Following this crash, TRX has been hovering horizontally.

    Image: TRX/USD 4-hour

    TRX/USD 4-hour chart 061421

    Tron (TRX) Crosses 5.26M Daily Active Users

    The Tron network has recently hit all-time highs in several metrics. For instance, Tron’s daily active users hit a new all-time high of 5.26 million. This milestone was recognized by a crypto community member (@Crypto Petrov), who also pointed out that Tron had hit a new all-time high in daily transactions at a value of 6.224 million.

    Source: Tronscan.org

    TRX/USD tronscan 1 chart 061421

    Source: Tronscan.org

    TRX/USD tronscan 2 chart 061421

    Another Tron metric to hit all-time-high value is the network’s unique address count. According to Tronscan.org, the network now hosts over 38.58 million unique addresses.

    Source: Tronscan.org

    TRX/USD tronscan 3 chart 061421

    Tron printed a double-top pattern between April and May when the crypto markets were in bullish territory. Tron has since suffered a pullback set in late May as the crypto-verse digested some major news events. This includes Tesla halting Bitcoin as a payment option for new cars and China reiterating its 2018 ban on Bitcoin mining and crypto trading.

    Tron Price Is Expected To Reach These Levels

    As things stand, the Tron price will probably keep hovering between the 20-day and 200-day SMAs. TRX will probably keep trending below $0.070.

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