TRON (TRX) Price Analysis: TRX Breaks Bull Pennant & Shoots For $0.20

Published April 14, 2021 | Updated April 14, 2021

TRX Price Analysis: 12 Hr Chart
TRX Price Analysis: 12 Hr Chart

TRON (TRX) Price Analysis: TRX Breaks Bull Pennant & Shoots For $0.20

  • TRX price breaks out of week long bull pennant
  • Bears defend $0.15 as key resistance
  • 12 hr stochastic RSI Indicates there is more juice in the tank

Tron (TRX) Market Update

TRON , the 17th largest cryptocurrency, has had a bullish week rising nearly 45% from its low of $0.10 on April 8th. Along with this rally, other top altcoins have joined the party such as Binance Coin (BNB), XRP and Stellar Lumens (XLM). This may only be the start as TRX has broken out of its been pennant rallying nearly 20% today.

At the time of writing, TRX is in limbo between two important support & resistance zones as the bulls try pushing for a new 2021 ATH. The immediate support level is near $0.138 which happens to be the previous high of TRX set on April 5th. After the price broke out & retested its bull pennant, TRX quickly reached immediate resistance level of $0.151.

TRX Price Analysis: 12 Hr Chart

TRX Price Analysis: 12 Hr Chart
TRX Price Analysis: 12 Hr Chart

The bold resistance level of $0.151 is the mark for TRX to break and hold to have a shot reaching one of the last resistance levels ($0.20) before all time high. If the bulls fail to break this level we can expect the price of TRX to stabilize in the $0.127-$0.138 zone.

Viewing the Stochastic RSI (blue and orange), bullish sentiment is seen as a 4 day reset in oversold conditions have shot the value past 50 confirming a bullish upswing. This indicator is considered to be bullish anytime the blue moving average is above the orange moving average.

Looking at the Relative Strength Index (RSI), the value has crossed into overbought conditions which is where the large bullish price movements occur. These conditions indicate TRON has switched to bullish mode and the bulls aren’t tired yet.

TRX Price Intraday Levels

  • Spot rate: $0.146
  • Trend: Bullish
  • Volatility: High
  • Support: $0.138
  • Resistance: $0.127
advertisement
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author

Subscribe to our newsletter for free

Sunil Sharma 203 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com
Follow Sunil @

Loading Next Story