Tron Price Prediction: TRX Looks To Reverse Bearish Trend, Up By Almost 2%

Daily Tron Technical Analysis

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Last Updated January 6th 2022
3 Min Read
  • The Tron price registered a recovery during the ongoing session, as buyers look to reverse the prevailing bearish trend. 
  • TRX has been relatively bearish during the week, having started the ongoing week in the red. 

The Tron price has registered an increase of nearly 2% during the ongoing session, as buyers look to push the price higher. LINK was quite bullish over the weekend and ended Sunday at $0.077. However, the price fell back in the red on Monday, falling by 0.65%. TRX continued to drop on Tuesday, falling by nearly 2%, dropping to $0.075, before recovering during the ongoing session. 

Tron Price Chart Indicates TRX Could Push Towards 20-Day SMA. 

The Tron price started the previous week at $0.081 on Monday, after ending the weekend on a positive note. The price registered a drastic fall on Tuesday, falling by over 5% and settling at $0.077, and then dropped further on Wednesday, falling by 1.10% and settling at $0.076. Despite the bearish sentiment, TRX recovered on Thursday, rising by 1.41%, before falling back in the red on Friday, dropping by over 3% and settling at $0.075.

Image: TRX/USD daily

Image: TRX/USD daily chart 010622

After dropping to $0.075 on Friday, the Tron price recovered over the weekend, rising by 1.45% on Saturday and then 1.59% on Sunday, moving to $0.077 and ending the weekend on a positive note. However, Monday saw TRX back in the red, falling by 0.65%. Tuesday saw TRX continue to drop, as it fell by nearly 2%, dropping to $0.075. The current session sees TRX back in the green as buyers look to push the price higher.

We can see that the Parabolic SAR is currently bearish, but if the price is able to push beyond the 20-day SMA, we could see it flip to bullish.

Image: TRX/USD 4-hour

Image: TRX/USD 4-hour chart 010622

The 4-hour Tron price chart shows us that TRX had dropped to $0.074 on the 31st. The price pushed up from this level, rising to $0.076, and then pushing past the 20-bar SMA on the 2nd, rising to $0.077. TRX continued to rise from this level, but with the 50-bar SMA coming into play as resistance, the price could not push beyond its current level. However, with the 20-bar SMA acting as support, TRX was able to stay at this level until the 4th, when the price slipped below the 20-bar SMA and dropped to $0.075 before rising to its current level of $0.076.

We can see that the MACD and Parabolic SAR are both bearish, indicating that the price could drop further.

Tron Price Is Expected To Reach These Levels

Looking at the Tron price chart, we can see that TRX has made a marginal recovery during the ongoing session. If buyers are able to retain control, we could see the price move towards the 20-day SMA. However, if sellers retake the session, we could see the price slip below $0.075.