TRX Technical Analysis: Tron Prices Ready To Break Above 200-day SMA

Key technical points:

Past Performance of TRX

The TRX price action shows that increased supply inflow in June dropped the market price to the $0.055 mark. However, the sharp V-shaped reversal has kept prices above the psychological level of $0.050, leading to a sideways trend above $0.063. The sideways trend shows a possible double bottom pattern formation with the 200-day SMA acting as a dynamic neckline.

Source- Tradingview

TRX Technical Analysis 

The price of TRX has increased by 3.47% in the last 24 hours, leading to a bullish-tailed candle yesterday, above the $0.060 threshold. But, the prices decline today, leading to a reversal from the 200-day SMA, reflecting an increase in supply.

The MACD indicator shows a bullish trend approaching the zero line, which increases the chances of the lines crossing into the positive territory. Moreover, the RSI indicator shows a gradual increase in the underlying bullishness as the RSI slope sustains above the 14-day SMA but struggles to surpass the halfway line. Hence, the technical indicators showcase a growing buying pressure. In a nutshell, the TRX price analysis forecasts a growing possibility of an uptrend continuation above the 200-day SMA.

Upcoming Trend

TRX buyers can expect the bullish trend continuation above the 200-day SMA to reach the $0.075 mark. Conversely, a bullish failure to surpass the SMA can result in a downfall under $0.063 to test the psychological support level at $0.050.

Resistance Levels: $0.070 and $0.075

Support Levels: $0.063 and $0.050