Tron (TRX), at the time of penning down this article, was trading at $0.0139. Important to note that yesterday when the Bitcoin price was throbbing above $8,000 and so was the altcoin market recording heights, TRX price did not show any great movement. Instead, the coin recorded an intraday low at $0.0138 just yesterday as it slid from the trading zone of $0.014.
However, Tron’s current trading price is well supported by the short and medium-term moving averages. This has rightly released the selling pressure under which the coin was trading. The intraday movement is quite a flop today as it is consolidating below $0.014.
Tron Price Analysis:
Taking a glance at the 12-hourly movement of TRX/USD on Bitfinex, we see that the currency is on a downward spree for the past 2 months of the bygone year. As per the TRX Prediction & 20-day Bollinger Bands laid, we do not foresee any major volatility in the upcoming days, as there is a moderate band width. However, the trading nature of the coin is quite volatile and therefore, we do not believe in the long-term investment for the same. Although, in the near-term, we see the price of TRON coin increasing as per the trend line connected which can even lead the price to soar at $0.020. This rightly relies on the momentum of the coin throughout the stated period.
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All the imminent moving averages are moving within the 20-day Bollinger Band range, but the coin is majorly supported by the 50-day MA, and an uptrend can help the coin gain 10-day and 100-day MA support.
Technical Indicators:
The technical indicators laid confirm the 12-hourly moderate movement as we see a slight bullish crossover of the MACD line adjacent to the baseline.
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The RSI of Tron is at 53.49 and is seen plunging slightly from the upper band or the overbought region, as the coin is trading below $0.014.
