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- 1 TRON showing bullish momentum on the daily time frame.
- 2 Currently, Tron is trading at $0.08475723 with a spike of 0.51% in the previous 24 hours.
- 3 TRON crypto rallied in the previous trading sessions.
TRON price has been trading in a bull trend for the past few months. After making a breakout, TRX crypto price has been finding consistent support at the trendlines. Observing the historical price action, it can be estimated that the 200 EMA level has been acting as a crucial demand zone.
If the price gains bulls support at the current level, it could see a spike in the price within the next few weeks where 100 and 50 EMA act as close support levels for TRX. The price movements are relevantly more stable for TRX crypto than other major cryptocurrencies.
The bulls have an adequate possibility of reaching the expected target if they are able to sustain the price above the key EMAs which would put the anticipated outcomes in the buyers’ favor.
Technical Analysis of TRON Crypto Price in 1-D Timeframe
The present value of TRX is $0.08475723 and it has a market capitalization of $7.52 Billion (press time). TRON crypto has steadily seen price rise for the past three months, gaining 20.01%, and 14.52% last month. If it can sustain like this, TRON price could continue to go up and reach the first and second targets of $0.09193841 and $0.10000000, respectively. However, if the TRX price cannot maintain this level and falls, then it might hit the closest support levels of $0.07200779 and $0.06725246.
Currently, TRON crypto is trading above the 50 and 200-day EMAs (exponential moving averages), which are supporting the price momentum. The current value of RSI is 69.94 points. The 14 SMA is above the median line at 63.94 points which indicates that the TRON crypto is bullish.
The MACD line at 0.00185660 and the signal line at 0.00134017 are above the zero line. A bullish crossover is observed in the MACD indicator which signals strength in the momentum of the TRX crypto price.
Summary
Price action suggests that the investors and traders are bullish on TRX crypto in the 1-Day time frame. The price action reflects a bullish perspective at the moment. Nevertheless, if buying volume counts up, then the TRX price might support bullish momentum by making higher highs and new highs. Accordingly, TRON price is expected to move upwards giving bullish views over the daily time frame chart.
Technical Levels
- Support Levels: $0.07200779 and $0.06725246.
- Resistance Levels: $0.09193841 and $0.10000000.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
