- Tron coin is presently wrapped inside the bearish pennant pattern on the daily chart
- TRX price jumped from a low of $0.071 to a high of $0.077 in Thursday’s intraday session
- Tron cryptocurrency is currently priced at $0.074 established on the back of a 2.75% increase in the past 24 hours
Last month’s bloodshed momentum has been the hardest for TRX as the price has only recovered by 20% since the fatal drop. While the overall market sentiment for Tron remains bullish on account of Justin Sun expressing his interest in relocating to El Salvador, the daily chart suggests otherwise.
The daily technical chart of Tron highlights the fact that the currency is maintaining a sluggish momentum inside the bearish pennant. Textbook-wise, a breakdown from this bearish structure could lead to TRX re-discovering the support of $0.03. However, this could be the case if either Bitcoin broke the support of $30,000 or the 50 and 100 MA transpired a death cross.
According to the weekly pivot points, the immediate support cushions are placed at $0.067 and $0.061 respectively. On the upside, a break above the pennant could grant TRX access towards the resistances of $0.083, $0.089, and $0.010.
The volume of (2.99 M) is relatively lower than the volume of (10.73 M) of the 20 period moving average. High buying pressure is required to invalidate the bearish outlook and plunge the trend out of the bearish structure.
On the contrary, the weekly Stochastic RSI has bottomed down to transpire a bullish crossover after a lengthy interval of time. According to the coinmarketcap website, TRX is currently ranked #24 owing to the fact that its market capitalization has succeeded $1.7 Billion in recent times.
TRX/USD on TradingView
TRX price chart on the 4-hour time frame
The 4-hour chart of TRX brings attention to the fact that the trend is facing strong opposition by the bearish 0.0232 FIB retracement. A bullish crossover between the 20 and 50 EMA could potentially validate the chances of the trend moving above the bearish pit. However, the failure of TRX to sustain above the 20 EMA will plunge the price to re-inspect May’s lows at $0.05.
The Relative Strength Index (neutral) is maintaining a no-trend scenario inside the equilibrium range at 48.
The MACD on the other hand (slightly bearish) is displaying signs of exhaustion as evidenced by the diminishing histogram at press time.
What are Justin Sun’s plans regarding expanding TRON’s network in El Salvador?
The latest news of El Salvador becoming the first country to accept Bitcoin as legal tender has taken everyone by surprise. Justin Sun- the CEO of TRX aims to seize this opportunity by expressing his keen interest in relocating Tron to El Salvador.
Sun’s mission stands at making TRON the first organization to establish an office in El Salvador. As Bitcoin reciprocated positively to El Salvador making it legal tender, Justin Sun’s efforts to make the best of this opportunity might do the same for TRON.
SUPPORT : $0.067, $0.061
RESISTANCE : $0.083. $0.089 and $0.10