TRON Price Analysis: Bulls Aim Higher Than $0.20

TRX bounced back from the support of $0.1040
  • TRX price action bounced back from $0.1040 to $0.1317 on Monday’s trading session
  • The 24-hour volume in TRX is at $5,553,970,476 with a 3.87% increase
  • The TRX/BTC pair was trading at 0.000002245 BTC with a gain of 7.06%

The 4-hour technical chart of TRX price action forecasts a positive trend. According to pivot points, TRX’s critical support level is placed at $0.1040. Whereas if it moves up, the key resistance level to watch is $0.1476. While diving into the weekly chart of a 4-hour time-frame, it completes a spinning top candlestick pattern representing neither buyer nor sellers could gain the upper hand.

EMA- (8,13,21,55) acts as another strong support in the coin. EMA-8 (blue) intersects above EMA-13,21 (green, yellow), which projects a positive trend. The price is sustaining above 55-EMA. Investors may perceive positive crossover in the EMA, and the price will also follow the positive trend.

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RSI indicator (BULLISH), with a value of 68, indicates a buy signal in the coin. Moreover, Investors can see an upward slope from 54 to 68 in the index, and it may surge in future trading sessions.

The volume of (33.60M) represents a low selling volume which is below the Volume MA (596.14M) of 20-days. High buying pressure is required in TRX to drive its price to higher levels.

High Buying Volume Required In TRON

TRX price traded at $0.01317 with a gain of 10% in the last 24-hour and 14.85% up in the weekly time-frame. Furthermore, TRX bounced back from the support of $0.1040. In contrast, the market capitalization stands at $10 billion. Technically, investors can perceive a positive crossover in EMA, and the price is above the 8-EMA. RSI index showcases an upward slope. Moreover, the price movement can exceed the resistance of $0.1476 in future trading sessions.

Resistance: $0.01476

Support: $0.01040

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Nikhil Ingole
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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