- Tron price showed some recovery to consolidate above $0.08
- Price increased 2 percent on the day, with trading volume down 18 percent
- Breakout expected if $0.095 resistance is breached in current trend
Tron price analysis for the day shows mixed signals, as price seems to suffer stagnancy in the market. TRX increased more than 1 percent over the past 24 hours, hovering between $0.083 and $0.087. Trading volume decreased subsequent to the price increment, presenting a slightly positive note for the token. On the larger picture however, TRX bulls have got an uphill task on their hands to aid price upwards to the $0.1 mark. Current trend trades closer to the $0.08 support floor, while any significant move upwards is expected to formalise at the $0.095 mark.
The larger cryptocurrency market continued to recover from Monday’s dip, as Bitcoin upped another 2 percent to edge closer to $49,000. Ethereum kept in touching distance of the $4,000 mark with a 4 percent increase, whereas major Altcoins also rose. The biggest increment was seen with Solana rising 11 percent up to $175.07. Polkadot rose 6 percent to sit at $27.01, Cardano 4 percent at $1.29 and Ripple 2 percent to go up to $0.821.
TRX/USD 24-hour chart: Heads and Shoulders pattern shows classic buyer versus seller situation
On the 24-hour chart for Tron price analysis, formation of a Heads and Shoulders pattern that suggests buyers are trying to push price upwards but seller action remains dominant in the market. The undervalued RSI value of 42 shows the same in action with the current trend. The Moving Average Convergence Divergence (MACD) curve shows a mixed signal, sitting just below the neutral zone below the 0.00 mark but primed for upward movement.
TRX/USD 4-hour chart: Strong RSI shows positive short-term signs
The 4-hour chart for the TRX/USD trade pair shows some positive movement upwards in line. In the latest trading session, price can be seen moving above the crucial 50-day exponential moving average (EMA). The RSI shows a strong valuation in the market with a value of 51.52. Price has also moved in between the top two Bollinger bands’ curves, indicating price movement upwards.
Tron price analysis: Conclusion
TRX price can be seen stuck within the $0.083-$0.087 range and any momentum attempted by buyers is overpowered by majority seller action in the market. Price remains well away from the $0.1 resistance zone, and any movement towards it is expected once the $0.095 barrier is crossed. The short-term trade shows encouraging signs and presents a crucial next few sessions to determine the price trend.
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