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Tron price analysis: TRX looks to breakout with news of Alchemy Pay collaboration

Shiba Inu price analysis

TL;DR Breakdown

  • Tron price analysis shows potential boost up to $0.2 with news of integration with leading crypto fiat payment solution Alchemy Pay
  • Price already up 2 percent on the day with trading volume upping over 22 percent
  • TRX had been facing a period of distinct declines with price falling as low as $0.1009 yesterday

Tron price analysis for the day shows that the token is set for an uptrend after falling more than 22 percent over the last 3 days. The expected surge is to be powered by news of the announcement of Tron Foundation’s collaboration with leading crypto fiat payment solution Alchemy Pay. With the announced partnership, the Tron Foundation will assist in providing technical resources to enable cross collaboration between the platforms. TRX trades at $0.105 at the time of writing, and will be looking to target the crucial 20 and 50-day exponential moving averages (EMAs) by the close of trade.

The larger cryptocurrency market showed recoveries after yesterday’s bloodbath, led by Ethereum’s 4 percent recovery to take price past $4,200. Bitcoin, however, declined to stay just above $58,000, whereas major Altcoins rose. Cardano, Ripple and Dogecoin went up around 3 percent each, to sit at $1.86, $1.09 and $0.22, respectively. Polkadot and Solana rose significantly at 7 percent each.

Tron price analysis: TRX looks to breakout with news of Alchemy Pay collaboration 1
Tron price analysis: Cryptocurrency heat map. Source: Coin360

TRX/USD 24-hour chart: Price targeting crucial EMAs at $0.108

On the 24-hour chart, TRX price can be seen targeting the 20 and 50-day EMAs at $0.108, from where a consolidated push may begin. The Relative Strength Index (RSI) at 48.70 is looking up with more value to be added. The rising trading volume also confirms the positive activity in the market for Tron. The Moving Average Convergence Divergence (MACD) curve currently sits just below the neutral zone above the 0.00 mark, indicating that there may be more momentum to be gathered over the coming days.

Tron price analysis: TRX looks to breakout with news of Alchemy Pay collaboration 2
Tron price analysis: 24-hour chart. Source: Trading View

TRX/USD 4-hour chart: Price picking momentum as price edges past $0.105

The short-term chart for TRX price action shows price crossing the $0.105 mark with RSI continuing to rise. The Bollinger Bands’ curves show that price is heading towards an ideally valued status. Whereas, the MACD curve currently touches its neutral zone below the 0.00 mark.

Tron price analysis: TRX looks to breakout with news of Alchemy Pay collaboration 3
Tron price analysis: TRX looks to breakout with news of Alchemy Pay collaboration 4Tron price analysis: 4-hour chart. Source: Trading View

Tron price analysis: Conclusion

Tron price is set to breakout past the 100-day moving average at $0.178, backed by the news of integration with Alchemy Pay. Technical indicators suggest of a favorable status for TRX, as the 4-hour price action crossed the exponential moving average at $0.108. The support floor continues to sit at $0.103 and any movement below this point would invalidate the potential bullish thesis.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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