Tron Price Prediction: TRX is on the verge of a major price move according to indicators
|- TRX is currently changing hands at $0.027 and has been trading sideways for the past two weeks.
- The digital asset is on the verge of a significant price move.
Tron entered the DeFi space late; however, it still had a major impact on TRX, which gained $1.8 billion in market capitalization from August until September. Unfortunately, the run was short-lived, and the digital asset has already lost close to $1.3 billion, with a price of $0.027 per coin currently.
Key bullish indicators for TRX
TRX has been trading sideways since September 22 in a tight range between $0.0272 and $0.025. Although the price has pierced several times through both trendlines, it never got any continuation afterward. Tron is now trading at $0.027, which is extremely close to the upper boundary.
TRX/USD daily chart
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One of the most critical indicators on the daily chart is the MACD, which turned bullish on October 9 for the first time since August 31. The last MACD bull cross that had continuation pushed the price of TRX by more than 90% over a few days.
TRX/USD 12-hour chart
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On the 12-hour chart, the upcoming price move is more apparent as the Bollinger bands have squeezed a lot over the past few days. The key bullish factor here is the defense of the 50-SMA, turning the level into support. A breakout of the upper trendline would push TRX up to at least $0.028, where the 100-SMA currently stands. Further bullish continuation could take the digital asset towards $0.03.
On the other hand, another rejection from the upper trendline would be quite devastating for TRX. Despite the short-term bullish momentum, the Volume Moving Average (VMA) last spike on the 1-hour chart is not significant enough compared to the previous few rises. This shows a lack of strength for the bulls.
TRX/USD 1-hour chart
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Furthermore, the RSIC is on the verge of overextension. Past examples show that usually, the price of TRX sees a retracement when this happens. Another rejection from the upper boundary of the trendline on the daily chart can drop the digital asset's price to $0.025 as a re-test. A continuation breakout would take Tron towards $0.02.
What to look for if you are an investor
Tron is trading sideways between two very clear levels. For a bullish breakout, the price needs to crack the resistance level at $0.0272 to have a chance of climbing towards $0.028 and eventually up to $0.03 in the short-term, putting the digital asset at a $2.1 billion market capitalization.
On the flip side, bears are looking at a possible rejection from the same resistance level. The rejection, in conjunction with the loss of the 50-SMA on the 12-hour chart, has the potential to take TRX toward $0.02, dropping its market capitalization to $1.4 billion.
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