•TRX/USD is currently priced at $0.067 and has increased by 3.17% over the past day
•The technical indicators suggest a positive outlook for the near term
•The trading volumes have decreased by 66.99% over the past day
Short Term View: TRON shows increased bullish commitment
The TRON price today is $0.067987 USD with a 24-hour trading volume of $1,259,522,975 USD. TRON is up by 3.17% in the last 24 hours. The trading volumes have decreased over the past day, as sellers are in short supply in the market. The Volume to Market Cap Ratio stands at 0.1823 for the altcoin.
Amid the turbulence going on in the market, TRON has proved to be an anomaly as it continues its rise. After showing strength recently, the altcoin will be looking to make a run for important resistance located at $0.077. As is demonstrated by the altcoin trading above the 20,50 SMA on the four hour chart, TRON will be looking to make a rally even further. The short term moving average (20-SMA) has recently moved past the 200 SMA which lends credence to the bullish stance. On the flip side, the support for TRON resides at $0.060 in the event of the bears staging a comeback.
Long Term View for TRON Price
The RSI slope(56.62) for TRON is heading towards the bullish territory, indicating the aggressive buying in the market. However, a bearish divergence has been observed on the daily chart concerning the 31st March peak, casting some doubt on the bullish rally. The MACD indicator shows the development of a bullish crossover on the daily chart, which has resulted in the histograms turning green. Moreover, these lines may soon cross above the neutral line, providing additional confirmation to the bulls.
Conclusion
TRON price is witnessing a surge in buying pressure that has contributed to its bullish rally. Furthermore, TRON’s price has moved above the 200-day SMA which provides a strong base for the altcoin to continue with the uptrend.
Support: $0.060
Resistance: $0.077-$0.0852
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
ALSO READ: Asset Management firm Simplify filed for Bitcoin Strategy Income ETF at the SEC
Source: https://www.thecoinrepublic.com/2022/04/23/trx-price-analysis-tron-continues-to-be-the-knight-in-the-shining-armor/