Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
TRON price forecast suggests that the TRX crypto is presently in an uptrend after breaking out of the bears’ stronghold. The price is above the critical EMAs on the daily timeframe. The increase in volume indicates that there is a rise in buying and selling activity.
If the price gains buyers’ support at the present level, it could surge to the $0.10000000 mark within the next few weeks. The immediate support level for the TRX token is below around $0.08651892. The price movements are relevantly more stable for TRX crypto than other major cryptocurrencies.
The buyers have an adequate probability of attaining the expected target if they are able to sustain the price above the 200 EMA which would put the anticipated outcomes in the bulls’ favor.
TRON price has been trading in a bull trend for the past few months. After breaking out, TRX crypto price has been finding consistent support from the bulls from the trendline. Observing the historical price action, it can be estimated that the 200 EMA level has been acting as a crucial demand zone.
Technical Analysis of TRON Crypto Price in 1-D Time Frame
TRON ( USD: TRX) price has steadily risen over the past three months, gaining 13.26% and 10.59% last month. Currently, TRX crypto has been trying to hold on to this level after an unexpected surge in price.
If it can stay at this level, the TRON price could reach the first and second targets of $0.09436620 and $0.10500000, respectively. However, if the TRX price falls, it might hit the closest support levels of $0.08300229 and $0.08650526.
Currently, TRON crypto(USD: TRX) is above the 50 and 200-day simple moving averages (SMAs), which are supporting the price momentum.
However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, TRON price is expected to move upwards giving bullish views over the daily time frame chart.
The current value of RSI is 68.27 points. The 14 SMA is above the median line at 61.43 points, indicating that the TRON crypto is bullish.
The MACD line at 0.00200785 and the signal line at 0.00160214 are above the zero line. A bearish crossover is observed in the MACD indicator which signals strength in the momentum of the TRX crypto price.
Summary
TRON crypto (USD: TRX) technical oscillators support the bullish trend. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the TRX crypto price. Price action suggests that the investors and traders are bullish on the 1-day time frame.
Technical Levels
Support Levels: $0.09436620 and $0.10500000.
Resistance Levels: $0.08300229 and $0.08650526.
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
Source: https://www.thecoinrepublic.com/2023/10/26/tron-crypto-trx-crypto-price-in-bulls-grasp-what-next/