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Tron Price Analysis: TRX Price Headed in Upward Direction

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  • The price of TRX is trading near $0.07240. The 24-hour trading volume was $163.785m.
  • The TRX price is observing a rise of +0.59% in the last 24 hours.
  • The TRX year-to-date return is 32.39 %.
Tron Price Analysis: TRX Price Headed in Upward Direction

About Tron (TRX)

Tron (TRX) was developed by Tron Foundation and was launched in 2017. It is a decentralized blockchain-based operating system. Originally TRX token was a part of Ethereum and TRX was deployed on Ethereum these were ERC-20-based tokens, but about a year later they moved to their own network.

The project aimed to provide full ownership rights to the creators of digital content.  Therefore, the platform was built to create a decentralized internet and this platform also serves as a tool for many creative developers to create dApps which is acting as an alternative to Ethereum. Anyone can create dApps on the Tron network, offer content, and in return receive digital assets as compensation for their efforts. The ability to create content and share it openly without hesitation is an added advantage of Tron. Compared to Ethereum, trading Tron can be up to 600 times cheaper. Any type of transaction can be verified by 3rd parties on TRON. Additionally, data transfers are transparent on the Tron blockchain. The training process at TRON is efficient and uses a virtual machine together. TRON smart contracts are written in Solidity and other advanced languages.

Additionally, Block Storage and State Storage is TRON’s original distributed storage protocol.

Trend Analysis

By considering trend & price information history, we can say that TRX is in a uptrend. The price has inclined +0.17% within the past 30 days and we are able to say that TRX is trying to go upwards.

Will TRX Price See A Momentum?

Tron Price Analysis: TRX Price Headed in Upward Direction

Source:  TRX/USD.1D.BITFINEX by TradingView

The price of TRX is about to cross 50 EMA which suggests the price could rise shortly in the near future.  If the buyers continue to push the price upwards, it could rise more in its value within a week.

The price of TRX at present is trading above 200 EMA which suggests the price could rise shortly soon.  If the buyers continue to push the price upwards further, it could increase its value within a week.

The Relative Strength Index shows whether a cryptocurrency is oversold when the RSI line is below 30 and also whether a cryptocurrency is overbought when the RSI line is above 70. The RSI line has been moving near the oversold zone for the last few days. The value of 14 SMA is 52.81 points and the RSI line is near 45.23 points taking support from the oversold zone and heading to meet the 14 SMA line. This indicates that the TRX market position already left the oversold zone; currently, the line is in the neutral zone. 

As per the Trendline, it seems it is respecting the trendline and trying to climb up from the trendline. For now, it’s consolidating but can go upwards shortly.  So, the price of TRX can continue to Rise or consolidate.

Conclusion

According to the analysis, the indicators are supporting the bulls. If the price continues to move under the buyer’s control, it is expected to rise more in the near future or it can consolidate at the current levels. Presently, the sentiments of the investors and traders are bullish regarding the price of TRX in the 1D timeframe.

Technical Levels
  • The Nearest Support Zone  – $0.06903 then $0.06580
  • The Nearest Resistance Zone – is $0.07887 then $0.08284
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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