TRX Technical Analysis: Will Tron Prices Rise Above $0.070?
Table of contents
Key technical points:
Past Performance of TRX
The last crypto crash caused a sharp fall in the TRX prices to a minimum of $0.047, accounting for a 45.5% loss. However, the price trend took a bullish turnaround resulting in a recovery rally surpassing the $0.063 mark. However, the higher price rejection in the daily candles displays a retest phase.
Source- Tradingview
TRX Technical Analysis
Today, TRX's price is up by 1.39% and is teasing a post-retest reversal rally from the $0.063 mark. Hence, traders can find bullish entry spots at the current market prices.
MACD indicator: The fast and slow lines showcase a bullish reversal teasing a potential reversal. Hence, traders can find the indicator displaying a buy signal rise of bullish histograms with the new crossover.
Bollinger Bands: The price jumps from the lower band, but the upper band takes a harsh toll resulting in a converging phase.
RSI indicator: The daily-RSI slope surpasses the oversold area and overtakes the 14-day SMA line. Hence, the indicator displays a gradual rise in the underlying bullishness.
In a nutshell, the TRX technical analysis displays a high likelihood of a price jump.
Upcoming Trend
From the bullish perspective, the upward trend will result in reaching the $0.7 mark, representing the equivalent of a 10% price increase. However, a fallout rally will surpass the psychological threshold of $0.050 to push the price to the $0.046 mark.
Resistance Levels: $0.070 and $0.090
Support Levels: $0.060 and $0.050