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Cryptocurrency : Tron Technical Analysis (TRX): Where is its price heading?

Tron, also known as TRX, woke to the upside following the pace of BTC, which is generating good signals seen from technical analysis.

At the time of this writing, Tron is trading at $ 0.060, accumulating a gain of 5.84% in the last 24 hours and 13.16% in the last 7 days.

With a market capitalization of $ 4.357 million, it is ranked 25th in the CoinMarketCap ranking.

This cryptocurrency has been consolidating itself as one of the leaders in the ecosystem, and it will remain so as its network continues to grow in adoption, which already reaches a large number of 49 million users.

In addition, TRX’s listing on more than 130 exchanges guarantees accessibility to its market, as well as great exposure.

The leadership of the cryptocurrency created by Justin Sun will at least continue to push him higher with the crypto market. And with the behavior of the last hours, it may be time to start climbing strongly.

Tron Technical Analysis (TRX)

Today from the TRX vs USDT daily chart we observe an excellent behavior, capable of quickly breaking two resistances. This tells us about an upward transition of the short-term trend.

Now the price is being hampered by a resistance located at $ 0.062, where it appears that we will be seeing the start of a correction before moving up further.

Either way now the odds have tilted in favor of the bulls, and could actually push the price quite a bit higher if the bearish tilt that we will see on the weekly chart is broken down.

Technical analysis of the daily chart of Tron (TRX).  Source: TradingView. Technical analysis of the daily chart of Tron (TRX).  Source: TradingView. Technical analysis of the daily chart of Tron (TRX).  Source: TradingView. Technical analysis of the daily chart of Tron (TRX). Source: TradingView.

Weekly chart

In this time frame we still see how the medium-term bearish trend continues intact.

However, the strong upward pressure that the long-term trend is exerting has generated a strong rejection of the prices around $ 0.055, evidencing the exhaustion of sellers and the possibility that the bottom of the fall has already been reached.

Now the new higher recent low could be signaling the start of significant momentum, capable of breaking through immediate resistance at $ 0.067, and completely eliminating the bearish intentions of the past few months.

We still do not see a great buying pressure, so there remains a relevant risk that the fall will extend, but it will only be really worrisome if the price loses $ 0.051, which would cause a sale to a minimum of $ 0.045.

However, this technical analysis from Tron tells us that the odds have tilted slightly to the bullish side. If you trust the project, the current point is a very good place to accumulate coins.

TRX vs USDT weekly chart.  Source: TradingView. TRX vs USDT weekly chart.  Source: TradingView. TRX vs USDT weekly chart.  Source: TradingView. TRX vs USDT weekly chart. Source: TradingView.

All our publications are informative, so in no case should they be accepted as investment advice.

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