Tron Technical Analysis: TRX Still Struggling To Move Past $0.070

Daily Tron TRX Price Analysis

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Last Updated January 21st 2022
3 Min Read
  • The Tron price has been unable to move past the 20-day SMA thus far in the session. 
  • TRX had started the week on a positive note but fell back on Tuesday, dropping over 3%. 

The Tron price was quite bullish over the weekend and ended Sunday at $0.069. Monday saw the positive sentiment persist as TRX rose by 1% and settled at $0.070. However, the price fell back after reaching this level, falling by 3.26% and settling at $0.068. TRX recovered on Wednesday as buyers pushed the price back to $0.069. TRX is up by just over 1% as buyers look to push TRX past $0.070. 

Tron Price Chart Indicates TRX Could Push To $0.070 

The Tron price started the previous weekend firmly in the red, as the price dropped by nearly 4% on Monday. However, TRX recovered on Tuesday, rising to $0.064. The price continued to push higher from this level, rising by 5.50% on Wednesday and settling at $0.068. After reaching this price, TRX fell back, dropping over 3% and settling at $0.066, before recovering on Friday and settling at $0.067.

Image: TRX/USD daily

TRX/USD daily chart 012122

The Tron price remained bullish over the weekend, as it registered an increase of 1.48% on Saturday and then rose by 1.91% on Sunday, ending the weekend at $0.069. TRX continued to push higher on Monday, rising by 1% and moving to $0.070. At this level, the 20-day SMA came into play as resistance, and the price fell back on Tuesday, dropping by 3.26% and settling at $0.068. The price continued to move higher on Wednesday, rising to $0.069 and is currently up by over 1% during the ongoing session.

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

Image: TRX/USD 4-hour

TRX/USD 4-hour chart 012122

 The 4-hour Tron price chart shows us that TRX had pushed up to $0.067 on the 14th, pushing above the 50-bar SMA. With the 50-bar SMA now acting as support, TRX was able to register a significant increase, rising to $0.070 on the 16th and then pushing up to $0.071 on the 17th. However, the price fell back from this level, dropping to $0.069 and then slipping below the 20-bar SMA and falling to $0.067. The price continued to drop from this level, slipping below the 50-bar SMA and settling at $0.066. The price made a strong recovery from this level, pushing above the 50-bar SMA on the 19th and then moving past the 20-bar SMA on the 20th and moving to its current level of $0.069.

We can see that the MACD has just flipped to bullish, indicating that we could see the price push higher.

Tron Price Is Expected To Reach These Levels

The Tron price chart shows that TRX has registered a marginal increase during the current session, as buyers look to push the price to $0.070. However, if TRX cannot move past the 20-day SMA, we could see TRX drop below $0.069.