- TRON price points towards $0.03 as long as the bulls guard the immediate support at $0.0245.
- The bullish outlook to $0.03 will be validated if TRX closes above the 100 SMA in the 1-hour timeframe.
TRON has from the beginning of November recovered considerably. The bulls' return occurred in tandem with Bitcoin's surge to new yearly highs and Ethereum's rise to $470. TRX hit levels above $0.026 but stalled within a whisker of $0.027.
A little retreat came into the picture with TRX/USD refreshing the support at $0.0245. At the time of writing, TRX is trading at $0.0251 amid a developing bullish momentum. For now, attention and effort are channeled towards defending the immediate support at $0.0245.
TRON embarks on another recovery mission
The 4-hour chart shows TRON settling above the 50 Simple Moving Average, highlighted by the above mentioned vital support. Buyers seem to have regained control over the price but still lack enough power to catapult TRX to levels beyond $0.03.
On the other hand, the Relative Strength Index crossed the midline, doubling down on the improving technical picture. Buy orders are likely to surge if the RSI continues with the spike to the oversold.
TRX/USD 4-hour chart
TRX bulls need to defend the support at the 50 SMA because the stability will allow them to focus on breaking above the hurdles at the 100 SMA, 200 SMA and $0.027. TRON is already trading above a short-term descending trendline, which adds credibility to the bullish narrative.
TRX/USD 1-hour chart
Similarly, the hourly chart paints another bullish picture of the smart contract token. The Moving Average Convergence Divergence (MACD) recently crossed into the positive area, pointing towards a continued bullish action. TRON's downside is also supplied with multiple anchor levels, including the 50 SMA and the 200 SMA. On the upside, closing above the 100 SMA could give TRX a massive push upwards.
TRX/USD 4-hour chart
It is worth mentioning that the TD Sequential indicator has flashed a sell signal on the 4-hour chart. The green nine candlestick could result in one to four daily candles, hinting at a possible breakdown. If the immediate support at $0.0245 caves, TRON will most likely dive to November lows at $0.023.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is the party over for meme coins?
Meme coins have lost about 30% of their value in the past month following bearish sentiment from potential Bitcoin headwinds. WIF is down more than 61% from its recent all-time high of March 31. Crypto market may have passed euphoria level as celebrity meme token launches soak up liquidity from top meme coin projects.
Ethereum breaches key support as SEC delays ETF decision
Ethereum is down more than 5% on Thursday following the Securities & Exchange Commission's failure to approve ETH ETF issuers' S-1 drafts. Meanwhile, the recent decline has strengthened the bearish outlook after ETH moved below a key support level, sparking $90 million in long liquidations.
Optimism could extend losses by nearly 9% amidst bearish on-chain metrics
Optimism, an Ethereum scaling token is poised for nearly 9% correction as on-chain metrics turn bearish. While the number of active addresses hit a near four month peak, OP traders are realizing losses.
Bittensor reveals cause of network breach, TAO price suffers
In a report on Thursday, Bittensor (TAO) revealed that a malicious PYPi package disguised as an authentic Bittensor package caused its $8 million network breach. Following the report, TAO is down over 3%, stretching its weekly losses to about 20%.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.