- 1 Tron token’s price is moving on a bull trend above 200 EMA.
- 2 TRX price is up 4.71% over the last 7 days.
Tron price prediction infers that a steady recovery is on the charts for TRX coin in the near future. Investors are presently helping the price in making the recovery according to the candlestick patterns made by the price action. The probability of a bullish rebound is high as the price is moving above all the major MAs and EMA levels; it also indicates that the bulls are taking a grip over the market.
TRON is one of the largest blockchain-based operating systems. It offers low-cost support for all the decentralized applications in the Tron ecosystem with enhanced scalability, availability, and throughput. It was launched on July 1, 2017.
On June 26 2023, TRON DAO professed that Arkham has launched support for the TRON blockchain. Arkham assists users by revealing to them the people and companies behind cryptocurrency transactions. Arkham’s support for the TRON blockchain helps traders and researchers in tracking entities on TRON through Akhram’s AI-powered analytics engine. Arkham is a leading blockchain intelligence platform.
The price action for TRON suggests that the bulls hold the path of least resistance.
Technical Analysis of TRX Price On Daily Chart
Tron price prediction suggests that it is presently moving above the major MA and EMA levels. 200 EMA acts as a strong support level. The buyers may expect the price to gain further as the chart shows a bullish triple bottom pattern.
The RSI line recently crossed above the 14 SMA level and it is moving above the median line. Presently, the RSI value of TRX coin is approximately 54.33 points, gaining support from the 14 SMA at 47.31 points. The RSI line suggests that Tron coin may see a further surge in its value.
The stochastic RSI is near the overbought zone. The %K may give a negative interception to the %D line soon. The current value of the stochastic RSI is 97.96 points.
According to the analysis, the probability of a bullish rebound is prominent for the TRON price. The price is likely to rise further as a bullish triple bottom pattern was formed. Tron price is presently moving above the major MA and EMA levels on the daily time frame.
Technical levels –
Support – $0.06500
Resistance – $0.08600
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.