Tron (TRX) Price Analysis: TRX/USD pushed into a make or break situation; what’s next?

Tron (TRX) Price Analysis: TRX/USD pushed into a make or break situation; what’s next?

  • TRX/USD is faced with tight decisions as the week-long consolidation comes to an end.
  • The MACD increasing divergence confirms the building bear pressure.
  • The daily chart shows TRX/USD having a bullish bias in the long-term.

Following the waterfall drop on April 11, TRX/USD has been consolidating within a tight range between $0.0260 and $0.0270. All attempts to make significant headway above the range limited have been thwarted by the rising the selling pressure. The 1-hour TRX/USD chart shows the price trading below the 100 Simple Moving Average (SMA). The correction below the trend indicator resulted in declines that tested $0.0270 support on Good Friday.

Chart source: Tradingview

TRX/USD is faced with tight decisions as the week-long consolidation comes to an end. The crypto must resume the uptrend and re-enter the 20-period Bollinger Band 1-hour lower curve support for a continued movement towards $0.0280 (medium-term resistance). On another hand, if the support at $0.0270 gives in, it could be sellers’ field day likely to test $0.0250 and even slide to the support congestion zone between $0.0230 and $0.0240.

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According to the technical levels in the chart, Tron has a short-term bearish bias. The MACD in the 1-hour range has trended lower into the negative zone. The increasing divergence confirms the building bear pressure.

Tron long-term outlook

The daily chart shows TRX/USD having a bullish bias in the long-term. The price has since January been trading above the 100-day SMA which is still functioning as support at $0.0249. On the upside, Tron gains are limited at $0.03026 in addition to the resistance at $0.0400. The downside is also strongly supported at $0.0200 and $0.0100 respectively (main support area).

Chart source: Tradingview

Tron Price Key Indicators:

Bollinger Band 1-hour lower curve: Marks the end of the consolidation phase.

MACD 1-hour: Bearish signal as sellers gain traction (-0.00014314).

MACD daily: Ranging at 0.000 (showing indecision in the market).

100 SMA daily: $0.0249 (functioning long-term support)

100 SMA 1-hour: $0.026827 (Immediate resistance).

Support 1: $0.02600

Support 2: $0.0200

Main support: $0.0100

Resistance 1: $0.02659

Resistance 2: $0.0300

Resistance 3: $0.0400

 

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Tron (TRX) Price Analysis: TRX/USD pushed into a make or break situation; what’s next?
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Tron (TRX) Price Analysis: TRX/USD pushed into a make or break situation; what’s next?
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Following the waterfall drop on April 11, TRX/USD has been consolidating within a tight range between $0.0260 and $0.0270. All attempts to make significant headway above the range limited have been thwarted by the rising the selling pressure. The 1-hour TRX/USD chart shows the price trading below the 100 Simple Moving Average (SMA). The correction below the trend indicator resulted in declines that tested $0.0270 support on Good Friday.
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Author: John Isige

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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John Isige 247 Articles

John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

Follow John @