Will TRX Crypto Be Bullish In 2023?

The price of the TRON cryptocurrency (USD: TRX) is showing a strong upward trend and is trading near the resistance line. Buyers are eager to overcome hurdles and reach new levels. TRX cryptocurrency has increased by more than 6.32% in the past 24 hours. Prices trading above major moving averages indicate a bullish mood. 

The price action indicates that the TRX cryptocurrency has broken multiple highs and demonstrated the strong strength of the bulls, which continues to sustain buying momentum.

At the time of publication, the TRON cryptocurrency was trading at $0.11389844  with an intraday gain of 6.32%, above the 200-day EMA and indicating a bullish sentiment on the charts. 

Moreover, the intraday trading volume is 14.616 million. The market capitalization of TRON cryptocurrency is $10.05 billion.

The oscillator indicates that the current price is overbought. Investors are optimistic about next week’s sessions. The price of the TRON cryptocurrency has risen slightly by about 9.18% over the past week and has risen slightly by 9.20% over the past month. 

However, in the long term, the cryptocurrency has also performed well, with the cryptocurrency rising about 34.14% in the last three months and about 42.60% in the last six months. The crypto’s performance over the course of the year has also been good, with the crypto down about 5.61% year to date.

Technical Analysis of TRON Crypto Price in 1-D Timeframe

TRON (USD: TRX) has seen a steady rise in the price of the cryptocurrency over the past three months, gaining 34.14% and 42.60% over the past month. Currently, the TRX cryptocurrency is trading at higher levels and is trying to maintain this level even after the unexpected price surge.

If he maintains this level, the price of TRON may continue to rise and reach the first and second targets of $0.11485079 and $0.09436620. However, if TRX’s price fails to maintain this level and falls, it may reach the nearest $0.9992101 and $0.09436620 support levels. 

The TRON (USD: TRX) cryptocurrency is currently trading above its 50-day and 200-day daily moving average (DMA), which supports its price momentum.

However, as buying volume increases, the price can create higher highs and new highs to maintain bullish momentum. Therefore, the TRON price is expected to move higher and remain strong on the daily chart. 

The current RSI value is 67.72 points. The 14 SMA is above the center line at 53.30 points, indicating the bullish nature of the TRON cryptocurrency. The MACD line and the signal line are above the zero line.

A bullish crossover is observed. The MACD indicator signals bullishness in the momentum of the TRX crypto price.

Summary

Technical oscillator TRON (USD: TRX) supports the bullish trend. MACD, RSI, and EMA highlight positive signals, suggesting that the upward trend in the price of the TRX cryptocurrency may continue. Price action suggests that investors and traders are optimistic daily. Price movements reflect the current optimistic outlook. TRON Investors avoid fear of loss. Scarcity is being created in the cryptocurrency market to attract more investors and lenders. It could be one of the new sources of market volatility, so it’s best to keep your distance.

Technical Levels

Support Levels: The TRON crypto price may find support at $0.9992101 and $0.09436620, where it could bounce back or stabilize.

Resistance levels: The TRX crypto price may face resistance at $0.11485079 and $0.09436620, where it could reverse or consolidate.

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 research before making any financial decisions.

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.