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Price Analysis

TRX Price Analysis: Price Gains Foothold at $0.05 To End the Week

TRON (TRX) price has flipped bullish after printing bearish candles for 4 days in a row during a persistent downtrend from the start of the week.

*TRX/USD is edging higher again after the rebound off the lows at $0.051
*TRON is trading in a positive zone above $0.052 and $0.059
*Justin Sun thinks NFTs and DeFi are the waves of the future

TRX/USD is edging higher again after the rebound from the lows at $0.051. TRON’s recent bounce from the ascending trendline support and then a close above 0.057 have put the uptrend back on track. This follows with the rest of the crypto market, as mild recoveries are seen across the board. TRX bullish breakout above the Mar. 20 top at $0.068 would trigger a new round of rally. Presently, TRON is trading in a positive zone above the $0.052 and $0.059 support levels as the price gains foothold above $0.05 to end the week on a positive note. Ranking 22nd largest, TRON market valuation stands at $4.3 billion with a 24-hour trading volume of $2.22 billion.

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TRON CEO Believes Next-Generation Traders Will Prefer NFTs and DeFi

TRON CEO Justin Sun believes NFT and DeFi are the waves of the future. He stated that the new generation of investors is not like their predecessors, where everything is going digital. This came after American actress and singer Lindsay Lohan spoke about plans to launch a new exclusive NFT on the TRON blockchain. TRON is also looking to expand its support for DeFi and NFT in the coming days. The CEO recently revealed that the TRC-721 specification, TRON’s first indispensable token (NFT) standard, is now publicly available. TRON’s NFT standard aims to open up new possibilities for applications built on its blockchain and its debut dates back to Dec. 2020.

TRX Daily Chart: Bullish

TRX/USD Daily Chart

TRON has risen back well from the prior day’s low of $0.051. This keeps alive the chances of seeing $0.070 on the upside before any reversal is seen. Technical indicators suggest buying signals on the daily time-frame chart. The RSI has popped up from the mid 50 reading, swaying bullish. TRON price is likely to continue to climb in an ascending trend line pattern during the coming sessions.

From a bigger picture, the upside may be capped by the immediate resistance at $0.068 and then at the yearly high of $0.070. A corrective fall in the range between $0.051 to $0.060 may be seen as a result. Support awaits at $0.051 located at the MA 50, followed closely by $0.046 and then $0.037, a cushion from February.

TRX 4-Hour Chart: Bullish

TRX/USD 4-Hour Chart

Looking at the 4-hour chart, the TRX/USD pair traded as low as $0.052 before starting a fresh increase. There was a break above a key bearish trend line leading to the subsequent breach above the MA 50 resistance at $0.059. The pair is now trading well above the 4-hour moving averages of 50 and 200. However, the immediate resistance at $0.068 could provide an impediment for TRX/USD bulls in the shorter term.

Once surmounted, the TRX/USD pair is likely to accelerate higher above the yearly high at $0.070. If there is a fresh decline, the $0.062 level is likely to act as immediate support. The main support is now forming near the MA 50 zone at $0.059. Any more losses might call for a drop towards the MA 200 level at $0.052 where the bulls may give the upswing another chance.

Key Levels
Resistance Levels: $0.075, $0.070, $0.068
Support Levels: $0.056, $0.051, $0.046

Image Credit: Tradingview

Note: coinpedia.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event.

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Tomiwabold Olajide

Tomiwabold is a currency trader and cryptocurrency analyst. A technical analyst, as well as an experienced fund manager, he has also co-authored several books on Forex trading. Tomiwabold pays great attention to cryptocurrency research, conducting a comprehensive price analysis and exchanging predictions of estimated market trends. He studied at the University of Lagos, Lagos.

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