Tron Technical Analysis: TRX Unable To Push Above $0.070

Daily TRX Price Analysis

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Last Updated January 18th 2022
3 Min Read
  • The Tron price has registered a marginal drop during the ongoing session. 
  • TRX has been quite bullish over the past few sessions and ended the weekend at $0.069. 

The Tron price failed to push to $0.070, as TRX registered a marginal drop during the ongoing session. TRX was quite bullish during the previous week and had registered an increase of 2.52% on Friday, rising to $0.068. The price continued to push higher over the weekend, registering an increase of $0.65% on Saturday and then rising by almost 2% on Sunday to end the weekend at $0.069. 

Tron Price Chart Indicates 20-Day SMA Acting As Resistance 

The Tron price started the previous weekend on a bearish note, registering a drop of almost 4% on Saturday. The price recovered on Sunday, rising by 1.07% and ending the weekend at $0.066. However, Monday saw the price fall back in the red, dropping by almost 4% and settling at $0.063. The price recovered on Tuesday, rising over 2% and settling at $0.064, then registering an increase of 5.50% on Wednesday and moving to $0.068.

Image: TRX/USD daily

Image: TRX/USD daily chart 011822

The Tron price fell back in the red on Thursday, dropping by 3.10% and settling at $0.066. However, Friday saw TRX push back, rising by 2.52% and settling at $0.068. The weekend saw TRX remain bullish, with the price rising by 0.65% on Saturday and then registering an increase of almost 2% to end the weekend on a positive note at $0.069. The current session sees buyers and sellers attempting to take control, with the price marginally up.

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

Image: TRX/USD 4-hour

Image: TRX/USD 4-hour chart 011822

Looking at the 4-hour Tron price chart, we can see that TRX had pushed up significantly on the 12th, rising above the 20-bar SMA and moving to $0.068. The 50-bar SMA was acting as resistance at this level, and as a result, the price fell back, dropping to $0.066, where the 20-bar SMA acted as support. The Tron price pushed back from this level, moving above the 50-bar SMA and settling at $0.067. With the 20-bar SMA now acting as support, TRX was able to push higher, gradually moving to its current level of $0.069.

We can see that the Parabolic SAR has flipped to bearish, and if the price drops, we could see the MACD flip to bearish as well.

Tron Price Is Expected To Reach These Levels

The Tron price chart shows us that the 20-day SMA is acting as strong resistance at $0.070. If TRX can push above this level, we could see the price move to $0.072. However, if sellers retake the session, TRX could drop towards $0.068.