TRX Technical Analysis – Price will Break out of $0.087

In another technical analysis, Tron is one of the fast-growing public chains with 26 million registered user accounts and 1.7 billion transactions. It provides a robust platform for users to build advanced and innovative decentralized applications. TRX is the prime governance token of this blockchain ecosystem. This network boasts of high scalability and throughput.

Past Performance

On March 26, 2021, TRX started trading at $0.056. As of April 1, 2021, TRX closed at $0.085. Thus, in the past week, the TRX price has surged by roughly 52%. In the last 24 hours, TRX has traded between $0.082 – 0.095.

TRX Price Analysis

https://www.tradingview.com/x/GEd7fusc

Days-Ahead and tomorrow

Currently, TRX is trading at $0.086. The price has increased from the opening price of $0.085. Thus, the market looks bullish.

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The A/D indicator is falling. Thus, selling activity is higher than buying activity in the TRX market. Hence, we can expect the TRX price to go down.

The MACD and signal lines have just turned positive. A bullish crossover by the MACD line over the signal line has occurred. Thus, the market momentum is positive. Hence, we can expect the TRX price to go up further.

Currently, the RSI indicator is at 63%. It faced rejection at 66%. This implies that buying pressures are still high but selling pressures may be gradually mounting. Thus, we can expect the price to rise further.

TRX Technical Analysis

As per technical analysis, the price will soon break out of the Fibonacci pivot point of $0.087. As many oscillators have shown positive signals, we can expect the price to break out of the first resistance level of $0.092, in some time.

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The price has tested and fallen below the 61.8% FIB retracement level of $0.087. If by day close, the price breaks out of the 23.6% FIB retracement level of $0.092, we can be assured that the bullish trend is strong. In that case, we can expect a price uptrend tomorrow as well.

#Tron #TRX

     
 
 

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