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TRON price analysis: TRX tests further upside as it aims for $0.0678

TRON price analysis: TRX tests further upside as it aims for $0.0678

TL;DR Breakdown

  • Tron price analysis suggests a bullish trend.
  • The resistance for TRX is present at $0.0678.
  • Support for TRX is present at $0.0640.

The latest Tron price analysis is showing signs of a bullish trend, as the price action has been in the upwards direction for the last 24 hours. Although the cryptocurrency was under bearish pressure in the prior week after peaking at $0.0708, the trends have changed during the past few days. The bulls have been successful in making their comeback on the price chart, as green candlesticks are indicating an uplift in price up to $0.0674. The TRX is going to retest the $0.0678 resistance in the coming hours as the price has already reached near the said resistance level.

TRX/USD 1-day price chart: TRX gains 7.4 percent value overnight

The one-day Tron price analysis is confirming an increase in coin value, as the price has been following a bullish trend for the day. The circumstances have turned favorable for the buyers, as during the past three days, a constant improvement in the TRX/USD price has been observed. The crypto pair is trading hands at $0.0674 at the time of writing after gaining 7.4 percent value during the last 24 hours. The price has rallied above the moving average (MA), which is present at the $0.0659 marker.

TRXUSD 1 day price chart 2022 04 29
TRX/USD 1-day price chart. Source: TradingView

The SMA 20 curve is traveling above the SMA 50 curve as the bullish trend is evidently getting stronger. The volatility has also started to increase as the Bollinger bands are showing signs of slight divergence and that towards the upside. The upper Bollinger band value is $0.0694, and the lower Bollinger band value is $0.0573. The Relative Strength Index (RSI) score has moved up to the index 55 levels, and the upwards curve of the RSI indicates the strong buying activity in the market, as the market is showing very positive sentiment toward TRX.

TRON price analysis: Recent developments and further technical indications

The 4-hour Tron price analysis suggests the price has gained remarkable value during the last four hours and has reached the $0.0674 position after rallying high. The short-term trending line is also ascending as the bulls have been reigning aggressively for the past few hours. The price breakout was downwards at the start of the trading session, but bulls have swiftly taken over thereafter, and the trend has been steeply upwards.

TRXUSD 4 hour price chart 2022 04 29
TRX/USD 4-hours price chart. Source: TradingView

The volatility is on the increase again as the indicator is diverging and is showing an average of $0.30635 now. Whereas its upper band has been relocated to $0.0660 point after traveling up, and its lower band is present at $0.0610 level after traveling down, thus increasing the scope of volatility for TRX price. The strong upward inclination in price has resulted in an increase in the RSI score as well, and currently, the score has reached index 65 near the border of the overbought area.

The technical indicators available for Tron price analysis indicate a strong buy signal, as the price has been advancing quite smoothly for the past few days. There are 15 indicators for buying position, nine indicators for a neutral position, and only two indicators for a selling position out of a total of 26.

TRON price analysis conclusion

Tron price analysis reveals that a sharp increase in price has been observed today, which is why the coin value has been uplifted to the $0.0674 level. Although the coin has been in a bullish mode for the last three days, a further intensification has been observed just lately, we anticipate TRX to continue further upside today, but a correction may also take place for a few hours as bulls have already taken the price above the upper limit of the volatility indicator on the hourly chart.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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