Tron Technical Analysis: TRX/USD faces ultimate resistance at $0.038
|- Tron price rallied towards $0.04 riding on positive technical levels, good fundamentals, and partnership news.
- TRX/USD bounces off initial support at $0.032; the bullish case above $0.04 is still intact.
Tron magical recovery journey has been supported by both technical levels and good fundamentals. Recent partnership news with the DeFi project Band Protocol put Tron a notch higher in the market. In addition, the founder of Tron, Justin Sun also announced the launch of SUN Genesis Mining, a protocol “designed as the quintessential Bitcoin equivalent on the Tron network.” TRX, on the other hand, has reacted positively to the developments, rising above key hurdles including $0.024, $0.026, $0.03 and $0.034 in less than seven days.
Although the bullish leg eyed $0.04, Tron brushed shoulders with $0.038 before making a shallow retreat to confirm support at $0.0320. At the time of writing, a minor recovery is already underway with TRX/USD doddering at $0.0368. On the upside, the recent high at $0.038 is still standing in the way.
According to the prevailing technical picture, Tron is poised for more upward action. This means that gains above $0.04 are possible in the coming sessions. The bullish trend is emphasized by both the RSI and the MACD. The former is almost entering into the overbought region for the second time this week.
On the other hand, the MACD is not only holding within the positive region but also nurturing a bullish divergence. These technicals if coupled with proper trading volume, could easily push TRX significantly above $0.04.
On the downside, Tron is supplied with numerous support levels in the event losses come into the picture. The first pit stop would be the ascending trendline support. If losses become nerve shattering, TRX will seek support at $0.032, the 50 SMA at $0.0306, the 100 SMA at $0.0268 and the primary support at $0.022.
TRX/USD 2-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.