TRON (TRX) Accumulates and Draws a Flat Trend; Trades at $0.0267

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At the time of writing this analysis, TRON price was seen trading around $0.0268 after a slight bullish crossover seen in the intraday yet fails to breach 61.80% fib level. TRX, just like any other lucrative altcoin of the market, was seen rising from the YTD bottom marked at $0.0085 and was seen drawing a subtle uptrend right after. However, the volatile crossover in the global crypto market has led to an accumulative and flattish trend with intermittent dips and rise.

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TRX/USD Chart By TradingView

TRON Price Analysis

Today, at the press time, TRX price was seen trading at $0.0268 with a brief bullish candlewick that is yet to breach 61.80% fib retracement level on a 5-hourly chart against the US Dollar. Although drawing an uptrend and hitting a fresh YTD high at $0.0495, TRON has lost a substantial amount from the high to the current trading price. On the daily chart, the currency fails to hold 200-day MA while still retains 50-day MA daily support at $0.0202.

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The Bollinger Bands are seen squeezing. Therefore, we expect a breakout soon with a near-term positive sentiment as the market’s largest cryptocurrency is certainly drawing a bullish sentiment.

The MACD indicator holds a slight bullish divergence due to the intraday price rise of TRX against the greenback but is away from drawing a complete bullish crossover due to lack of steep or notable price rise in the short-term. The RSI lies at 51.54 and holds no trading extremities.

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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