TRON Gains for the 5th Day Straight; Spikes Above $0.0170

TRON 4.0 is set to release on July 7, 2020 and is known as Great Voyage. TRON 4.0 is aimed to retain all the benefits of decentralized Web Tron to augment the framework of a decentralized internet.

TRON Protocol—the blockchain-based largest operating system offers scalability, high-availability, and high-throughput computing. This acts as a support for all the applications in the decentralized ecosystem of TRON. This smart contract platform is supporting ZK-SNARKS, New TPOS Dual, which integrates Delegated Proof of Stake and Practical Byzantine Fault Tolerance, TICP Cross-Chain Protocol followed by personalized blockchain-based apps for institutions and organizations.

TRX coin is likely to reap the benefits from this upgrade soon as the upgraded platform will push the native token to attain fresh highs.

TRON Price Analysis

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TRX/USD Chart By TradingView

TRON’s intraday price trend over the past five days is drawing an uptrend, and TRX at the time of penning down was trading at $0.0169. The intraday price movement of TRX/USD has hit the 5-day high today, in the opening hours of the trading session at $0.0172. The immediate bearish crossover on the MACD chart is the recent pullback below $0.017 price area; however, the coin is retaining support from 50-day and 200-day MA but lacks support from the short-term, i.e., 10-day MA after dipping from $0.0170 price area.

Moreover, TRON reclaimed its position above $0.0170 after trading sideways for approximately three weeks in the previous month. As the week nears the end, TRX is likely to close with profit as per the current momentum. The RSI of the coin is at 52.96 and has just slid below the overbought zone after the intraday correction below $0.0170.

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However, if we emphasize the 12-hourly chart, we see that the TRON coin is drawing a visible uptrend except the price consolidation seen in the last two weeks of the previous month. But this consolidation was breached yet before the closing of the previous month, and TRX/USD has been drawing an uptrend for five days now. On the given 12-hourly chart, TRX coin is retaining complete support from 50-day and 200-day daily MA.

The MACD chart appears flat on the 12-hourly movement of TRON against the greenback, while the RSI is lying at 63.70 with a strong inclination towards the overbought zone. Based on the current price trend and TRX coin price prediction, the currency might continue to trade upwards and cross its previous resistance around $0.018 soon.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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