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Price Analysis

Tron (TRX) Keeps it Safe Between $0.015 to $0.017, Without Major Breakouts

  • Tron price continues to trade between $0.015 to $0.017 from quite some time now.
  • TRX in last week’s dip traded around $0.015 and $0.016 to a major extent but did not go below $0.015.
  • Tron trading price range is well supported by the short-term moving averages.

TRX is one of the profit-giving altcoins. But at present it seems to have turned cold as it is trading in the said price range, though with a bearish crossover. Tron price is still trading with a solid selling pressure and has no support from the long-term moving averages.

However, the clouds just faded away when Justin Sun, the CEO of Tron announced the completion of first phase of buy-back. The total buy-back is amounted to $20 million, which is 723,118,860 TRX. The coin is well supported by its CEO and the Tron Foundation.

TRX to USD Price Chart by TradingView:

The below TRX price chart is a data feed from Binance as on 4th September at 07:07 UTC.

Tron (TRX) Price
TRX Price Chart by TradingView

Tracing the 24-hour movement of the coin we see that TRX coin has been performing with a set upper and lower price limit. An important thing to be noted is that the coin did not breakdown while the market almost crashed. Yesterday, the coin was trading around $0.0160 in the initial hours of the day. After a minor spike of 1.25% Tron climbed a bit to trade around $0.0162. With a moderate volatility observed Tron slid in the later half and is currently trading at $0.0155.

However, the current trading price is well supported by the 5-day SMA ($0.0157) and 5-day EMA ($0.0158).

Technical Indicators:

TRX coin is not yet in the recovery mode when almost the whole market is making marginal gains. The Tron Foundation itself is performing well and the recent completion of the phase 1 of buyback can also be a massive turnaround for the coin.

The current trading price is notably lower by 14.36% and 13.40% from its respective 30-day EMA and 30-day SMA.

The MACD of the coin is below zero with a bullish crossover as the MACD line just crossed the signal line and RSI is around 40, at the time of writing.

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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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