- Tron price is trading in the green for the fourth straight session.
- TRX has rallied 7% over the last 24 hours to reach a four-month high around $0.1061.
- The MACD and the Parabolic SAR indicate that Tron’s bullish momentum could continue in the short-term.
Tron price started the week trading in the red following almost two weeks of a sideways price action. Today, TRX is trading in a fourth straight bullish thesis after turning bullish on Tuesday. This rally that has seen the Tron rise by 25% from a low of $0.0848 on Tuesday to today’s four-month high around $0.1061. This rally has seen TRX flip the 20-day Simple Moving Average (SMA) from resistance to support.
Can Bulls Hold The Tron Price Above $0.1
The short term Tron price prediction is significantly bullish given the technical outlook. Tron started the week on Monday trading in the red as bears pushed the price below the 20-day SMA in a continued sideways market movement. TRX rebounded on Tuesday with a 2.5% increase in price to close the day at around $0.089, above the 20-day SMA.
Turning the 20-day SMA into support bolstered the bulls who pushed TRX towards the $0.0945 mark, representing an 8% price increase on Wednesday. This bullish momentum continued on Thursday where TRX closed the day in the green at $0.0999. This bullish session saw TRX rally 7% bursting past the $1.0 barrier to record a four-month high around $0.1061 earlier today.
- Are you new to TRX trading? Read our guide on the best crypto trading platforms to get started.
At the time of writing, Tron teeters at $0.1045 and is battling immediate resistance at the $0.110 level. Note that the bulls need to overcome this major hurdle that was last overcome on April 29 to mark a decisive move upwards.
TRX/USD Daily Chart
The technical indicators on the daily chart show that TRX is significantly bullish. The upsloping moving averages below the price show that Tron will remain in the short-term. These SMAs provide strong support for the Tron price.
Moreover, the parabolic SAR remains positive after flipping below the price on Tuesday August 31. As long as this indicator remains below the TRX price, the bullish momentum is set to continue. Moreover, the oversold RSI at 74.1 shows that the buyers are currently in control of the Tron price.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator sent a bullish signal on Wednesday. This happened when the MACD line (blue) crossed above the signal line (orange) adding credence to the bullish narrative.
On the flipside, the RSI’s movement into the overbought zone shows that TRX price correction might happen in the near-term. This could happen if Tron closes the day below the $0.10 level. If this happen, TRX might tumble towards to seek refuge at the $0.0895 support wall below the 20-day SMA.
Where To Buy TRX Now?
The top exchanges for trading in Tron currently are: eToro, FTX, Binance and Coinbase. You can find others listed on our crypto exchanges page.
Looking to buy or trade Tron now? Invest at eToro!
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Nancy Lubale
