Tron (TRX) Price Analysis: The TRX price surged nearly 30% this month, so investors should get a good return  

• Tron (TRX) coin has been performing well for the past several days as the price trend is seen above the upward trend line.
• In terms of the daily price chart, TRX price is moving higher while maintaining the important 20, 50, 100 and 200 EMAs.
• The Tron coin along with the bitcoin pair is trading at 0.0000284 satoshis, down a little over 0.4%.

Tron appears to be in a positive trend, with a strong surge lasting more than two weeks. On May 22, the price of TRON (TRX) broke through the neckline resistance after an eleven-day stabilization period within an ascending triangle pattern.

Following a retesting period, the currency gained 8% and soared over the $0.080 support level. In the short term, the $0.080 level serves as a crucial hedging zone for buyers. 

Recently, TRX price got rejected near the 1.0 Fibonacci retracement level and started a downside move. But the support trend is still well below the price, so the bears can dominate the altcoin trend until the horizontal support.

Tron coin was trading at the $0.082 mark at the time, which was down a little over 0.8% as per data from CMC over the past 24 hours. Meanwhile, the Tron coin with the bitcoin pair is trading at 0.0000284 satoshis, up a little over 0.4%.

Despite the high momentum, the trading volume detects low volatility in the market. Meanwhile, traders reported a drop of around 35% in trading volume during the previous night. In terms of the daily price chart, TRX price is moving up while maintaining the important 20, 50, 100 and 200 EMAs.

RSI headed toward overbought territory 

The daily RSI indicator has ended above the bullish trend line (Blue) with the indicator moving towards the overbought area.

Furthermore, ADX is again targeting higher momentum, indicating strength in a bullish trend.

Conclusion

As long as Tron’s (TRX) price remains above the upward trendline, there is no bullish selling signal. Nevertheless, there is a possibility that bulls may dominate the trend until horizontal support is reached.

support level – $0.074 and $0.060 

Resistance level – $0.090 and $0.10

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss

ALSO READ: Here’s Why Tether CTO Thinks Terra Collapse Was An Important Moment For Crypto Industry 

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.