Price Analysis

TRX Exhibits Moderate Intraday Trade as it Consolidates Around $0.0138

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Tron (TRX), at the time of penning down this article, was trading at $0.0139. Important to note that yesterday when the Bitcoin price was throbbing above $8,000 and so was the altcoin market recording heights, TRX price did not show any great movement. Instead, the coin recorded an intraday low at $0.0138 just yesterday as it slid from the trading zone of $0.014.

However, Tron’s current trading price is well supported by the short and medium-term moving averages. This has rightly released the selling pressure under which the coin was trading. The intraday movement is quite a flop today as it is consolidating below $0.014.

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Tron Price Analysis:

Tron Price Today
TRX/USD Chart by TradingView

Taking a glance at the 12-hourly movement of TRX/USD on Bitfinex, we see that the currency is on a downward spree for the past 2 months of the bygone year. As per the 20-day Bollinger Bands laid, we do not foresee any major volatility in the upcoming days, as there is a moderate band width. However, the trading nature of the coin is quite volatile and therefore, we do not believe in the long-term investment for the same. Although, in the near-term, we see the price of TRON coin increasing as per the trend line connected which can even lead the price to soar at $0.020. This rightly relies on the momentum of the coin throughout the stated period.

All the imminent moving averages are moving within the 20-day Bollinger Band range, but the coin is majorly supported by the 50-day MA, and an uptrend can help the coin gain 10-day and 100-day MA support.

Technical Indicators:

TRX Price Today

The technical indicators laid confirm the 12-hourly moderate movement as we see a slight bullish crossover of the MACD line adjacent to the baseline.

The RSI of Tron is at 53.49 and is seen plunging slightly from the upper band or the overbought region, as the coin is trading below $0.014.

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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