Tron Technical Analysis: TRX Looks To Push Back Above $0.060 After Strong Recovery

Daily Tron TRX Price Analysis

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Last Updated January 31st 2022
3 Min Read
  • The Tron price is currently down by just over 1%, registering a marginal drop during the ongoing session. 
  • TRX has made a fairly strong recovery in recent sessions and had pushed up to $0.060 on Saturday. 

The Tron price fell back during the ongoing session after hitting $0.060 on the back of a fairly sustained recovery. TRX had registered a marginal increase on Thursday, rising by 0.36%, and then reported a blogger increase on Friday, rising by 1.46% and moving to $0.057. The weekend started on a positive note for TRX, as it registered an increase of over 5% and moved to $0.060 before dropping back during the ongoing session. 

Tron Price Chart Indicates TRX Looking To Push Back Above $0.060 

The Tron price entered the previous weekend on an extremely bearish note, registering a significant drop of over 10% on Friday. The weekend started in the same bearish vein, as TRX fell by nearly 7% on Saturday, falling to $0.056, before recovering and rising by 1.52% on Sunday to end the weekend at $0.057. Monday saw TRX fall back in the red, as it dropped by 4.56% and fell to $0.055, before recovering on Tuesday and rising to $0.056, an increase of just over 2%.

 Image: TRX/USD daily

Image: TRX/USD daily chart 013122

The Tron price remained in the green on Wednesday as buyers returned to the market, registering an increase of 0.23% and then rising by 0.36% on Thursday. Friday saw TRX register a fairly significant increase, as the price rose by 1.49% to $0.057. The weekend saw the positive sentiment persist, as TRX rose by over 5% on Saturday and moved to $0.060 before dropping back during the ongoing session.

We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop. However, the MACD has just flipped to bullish.

Image: TRX/USD 4-hour

Image: TRX/USD 4-hour chart 013122

Looking at the 4-hour Tron price chart, we see that TRX dropped to $0.052 on the 24th. The price made a strong increase from this level, as it pushed above the 20-bar SMA and rose to $0.056 on the 26th and then to $0.057. However, after reaching this level, the price fell back below the 20-bar SMA and dropped to $0.054. The price pushed back above the 20-bar SMAon the 27th, rising to $0.056, and with the 20-bar SMA now acting as support, it was able to push to $0.057 on the 29th. TRX then moved above the 50-bar SMA, rising to $0.058, before moving to its current level of $0.059.

We can see that the MACD and Parabolic SAR are both currently bullish, indicating that we could see the price push higher.

Tron Price Is Expected To Reach These Levels

Looking at the Tron price chart, we can see that TRX had registered a sustained recovery over the past few sessions before dropping off during the ongoing one. If sellers retain the session, we could see TRX slip below $0.059, but TRX could move to $0.060 and above if buyers manage to retake the session.