TRON Up by More Than 10%!
With the intraday rise of over 10% in a day after drastically breaking all its important support levels, TRX is trying to break the resistance formed at the 200 DMA. The weakness in the overall crypto market backed by the consistent banning of crypto-related activities by China was instrumental in driving the TRX value. From it’s all-time highs of $0.18442608 to the lows of 22nd June, TRON has fallen by over 75%. It touched its new low of $0.04456932.
A corrective measure and reignited buyer sentiment has been driving crypto valuations in a different direction. TRX is already up by more than 50% from its recent lows of 22nd June, but the technical indicators have the strength to retract further; some of its losses are a looming question in crypto investor’s minds.
TRON Technical Analysis
Taking support from it’s all-time moving support levels of $0.0462508, TRX is up, but the next big challenge would be breaking the 200 DMA resistance. Once crossing the 200 DMA line, one can expect Tron to be neutral to the positive zone. Any stiff resistance around 200 DMA could further escalate a selling here. As TRX is up by 50% from its recent lows, there is not much fundamental strength as per the technical indications.
Considering historical support levels backed by a rise in traded volumes and rising investor interest at lower valuations could be a decent sign for a future rally. However, as of 24th June, we can trace TRON’s attempt at retesting the highs on 7th May 2021 and subsequent breach of its strong support at 100 Day moving average line on 19th May 2021 has pushed Tron to lower levels.
After consolidating with a negative outlook, TRX even breached other important levels, But it feels like the worst is already behind. The red curved line denotes the 200 DMA, while the light blue line denotes the 100 DMA. The rise of RSI towards 42 from oversold zones has brought some good news for investors of TRX.
Besides this price action and strong buying rally, there is no other fundamental aspect to push TRX to higher levels. Any rally would strictly be based on investor sentiment and buying at dip strategy applied by crypto holders.
As of 24th June, TRX shows a good buying rally on hourly charts with the subsequent rise and consolidation near the 200 DMA, and it is showing signs of an attempt to retest the 200 DMA to stay above it. The rise seems positively inspired because of its back-to-back green candles. In addition, the absence of a red candle on the Heikin Ashi charts is a good sign for investors.
The rise in hourly volumes is also an indication of a fresh round of buying. The only troubling sign is that of RSI, which is trading at the overbought zones. RSI on histogram currently shows the levels of 78, which could be a sign of overbuying or an indication of an imminent dip in valuations before continuing in either direction.
Therefore, as per Tron price prediction and our analysis on this currency, we can conclude that investors should think twice before investing in TRX, as it’s a crucial part of predicting what the future brings.
