1. BITBILIHome
  2. Article

TRON price analysis: TRX encounters resistance at $0.078 following a yearly high

• 49 views

TL;DR Breakdown

  • TRON price analysis highlights a bearish hurdle.
  • TRX gets rejected from $0.078.
  • Strong support is present at $0.075.

The TRON price analysis reveals that today’s market sentiment for TRON is showing mixed signals. Yesterday, it experienced a significant rally, reaching a yearly high of $0.078, the highest since June 12, 2022. Although there was a brief spike toward $0.079, it was short-lived, and today TRX faced rejection at $0.078, preventing further upward movement. After four days of a successful bullish swing, Tron began correcting its course. Presently, TRX bulls are once again attempting to push the price higher, but they have yet to overcome the bearish resistance.

TRX/USD 1-day price chart: Selling pressure is obstructing the bullish attempts

According to the 1-day TRON price analysis, the bulls are once again trying to regain control, but they are facing strong opposition from the bears. Following today’s correction, TRON has recorded a decrease in value of 1.45 percent over the past 24 hours, with the TRX/USD pair currently being traded at $0.077 as of the time of writing. Despite the attempts by TRX bulls to push the price higher, the bears are putting up resistance, possibly due to lingering selling pressure. The volatility for this cryptocurrency is also visibly increasing on the charts.

trx1dg.078 following a yearly high" src="https://en.bitbili.com/wp-content/uploads/2023/05/frc-a03a051023fa6b10764ef4e56dd5c61e.png">TRON price analysis: TRX encounters resistance at <img decoding=.078 following a yearly high" src="https://en.bitbili.com/wp-content/themes/justnews/themer/assets/images/lazy.png" data-original="https://en.bitbili.com/wp-content/uploads/2023/05/frc-a03a051023fa6b10764ef4e56dd5c61e.png">
TRX/USD 1-day price chart. Source: TradingView

The Bollinger bands are widening; the upper band is positioned at the $0.076 threshold, and the price is currently trading above it. On the other hand, the lower band is located at the $0.065 level. The average of the Bollinger bands rests at $0.071. Additionally, the moving average (MA) stands at $0.073, and both averages are lower than the current price level. As for the relative strength index (RSI), it is displaying a downward trend, indicating a sell signal. However, the RSI also suggests that Tron is oversold, with an index of 76.

TRON price analysis: Recent developments and further technical indications

Analyzing the 4-hour TRON price chart reveals the presence of selling pressure exerted by fearful sellers, hindering any bullish movement in price. Initially, at the beginning of the day, the bulls managed to assert their dominance and reverse the price trajectory. However, in subsequent hours, bears swiftly took control, leading to a decline in price. As of the current moment, bulls are once again making an effort to uplift the price levels.

trx4huye.078 following a yearly high" src="https://en.bitbili.com/wp-content/uploads/2023/05/frc-3235cf803ecbd7f5f65dcf57997cb3d4.png">TRON price analysis: TRX encounters resistance at <img decoding=.078 following a yearly high" src="https://en.bitbili.com/wp-content/themes/justnews/themer/assets/images/lazy.png" data-original="https://en.bitbili.com/wp-content/uploads/2023/05/frc-3235cf803ecbd7f5f65dcf57997cb3d4.png">
TRX/USD 4-hours price chart. Source: TradingView

The hourly charts indicate a high level of volatility, and the moving average (MA) is intersecting the price level, signaling a bearish indication. The Bollinger bands are encompassing a significant portion of the chart, with the upper band positioned at the $0.080 level and the lower band at $0.070. The average of the Bollinger bands is forming at $0.075, below the SMA 20. The relative strength index (RSI) has declined towards 65 indexes, although it remains within the bullish zone, approaching a neutral stance.

TRON price analysis: Conclusion

Based on the aforementioned TRON price analysis, it can be inferred that there is potential for a bullish rally in the near future from a technical standpoint. However, the TRX charts are currently dominated by bears as sellers continue to exert pressure by offloading a significant number of assets. Consequently, it can be concluded that today’s trend is likely to remain predominantly bearish, making it a cautious day for intraday traders.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:TRON price analysis: TRX encounters resistance at $0.078 following a yearly high

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年5月25日 04:03
Next 2023年5月25日 07:06

Related articles

  • US state agency warns of soaring crypto scams on social media platforms

    TL;DR Breakdown Vermont’s DFR warns of rising cryptocurrency scams, citing a case of a man losing $340,000. Cryptocurrencies lack traditional safeguards, leading to a 900% increase in scams since the pandemic’s start. The DFR urges prompt reporting of fraud to law enforcement, including the FBI’s IC3, and local Vermont authorities. Description The Vermont Department of Financial Regulation (DFR) issued an investor alert on July 20, 2023, highlighting the increasing risks associated with cryptocurrency investments on social media platforms and urging the public to exercise extreme caution. The alert was prompted by a recent NPR story featuring 74-year-old Naum Lantsman, who lost his life savings to a … Read more The Vermont Department of Financial Regulation (DFR) issued an investor alert on July 20, 2023, highlighting the increasing risks associated with cryptocurrency investments on social media platforms and urging the public to exercise extreme caution. The alert was prompted by a recent NPR story featuring 74-year-old Naum Lantsman, who lost his life savings to a cryptocurrency scam. Lantsman was lured by a company called SpireBit on Instagram, which claimed to be…

    Article 2023年7月22日

  • Crypto Unveiling: LBRY Challenges SEC’s Double Standards on Crypto Securities Law

    TL;DR Breakdown LBRY, a crypto startup, criticizes the SEC for its dual narrative regarding the classification of its LBC, as security. The SEC’s denial of Coinbase’s request for clarity on how securities laws apply to the market, along with Chairman Gary Gensler’s stance on classifying most crypto assets as securities. The U.S. Securities and Exchange Commission’s (SEC) recent decision to revise the penalty on LBRY, a crypto startup, has sparked a contentious debate surrounding the agency’s approach to classifying cryptocurrencies as securities. In court filings, the SEC cited LBRY’s financial difficulties as the reason behind revising the penalty, leading LBRY to question the SEC’s dual narrative regarding its cryptocurrency, LBC.  Additionally, LBRY referred to the SEC’s Coinbase filing, which sought clarity on how securities laws apply to the market. This article delves into the SEC’s actions, LBRY’s response, and the broader implications for the industry. Contents hide 1 SEC’s Revised Penalty and LBRY’s Critique 2 SEC’s Denial of Clarity Request and Criticism of Chairman Gensler 3 LBRY’s Challenge and the SEC’s Disregard of Staff Statements 4 Conclusion SEC’s Revised Penalty…

    Article 2023年5月17日

  • Aptos price analysis: APT losses value at $8.17 as bears dominate the market

    TL;DR Breakdown Aptos price analysis is bearish today. APT/USD rallied back below $8.38. Bearish momentum is slowly taking over today. Aptos price analysis shows a negative trend in today’s trading. The APT/USD pair declined to the $8.17 mark after the bulls failed to push the price higher. The APT/USD pair had a high of $8.38 the previous day but the bulls could not sustain the momentum. For now, the pair is trading below its previous day’s high and is likely to remain bearish in the coming sessions. The support for APT/USD remains at $8.01, which supports the bearish trend. On the upside, the resistance is seen at $8.38 and if the bulls can break this level, then we could expect another strong rally in APT/USD. Aptos price analysis 1-day price chart: APT /USD pair is trading in a downtrend On the 1-day price chart, Aptos price analysis is trading in a strong bearish trend. The pair has been declining for most of the past few days in a row. The coin has lost more than 2.69 percent value during the…

    Article 2023年5月23日

  • Crypto.com earns regulatory green light in the Netherlands

    TL;DR Breakdown Crypto.com has obtained registration clearance from the Dutch Central Bank, allowing it to offer cryptocurrency services in the Netherlands. The exchange’s compliance with regulatory requirements and acquisition of licenses in various countries demonstrate its commitment to responsible practices. Crypto.com aims to deepen engagement with EU authorities amid changing crypto regulations. Description Crypto.com, a prominent cryptocurrency exchange, has achieved a groundbreaking feat by obtaining registration clearance from the Dutch Central Bank (DNB) to offer its cryptocurrency services in the Netherlands.  The DNB’s approval comes after Crypto.com diligently adhered to the country’s Money Laundering and Terrorist Financing (Prevention) Act (Wwft), showcasing the exchange’s dedication to meeting stringent regulatory … Read more Crypto.com, a prominent cryptocurrency exchange, has achieved a groundbreaking feat by obtaining registration clearance from the Dutch Central Bank (DNB) to offer its cryptocurrency services in the Netherlands.  The DNB’s approval comes after Crypto.com diligently adhered to the country’s Money Laundering and Terrorist Financing (Prevention) Act (Wwft), showcasing the exchange’s dedication to meeting stringent regulatory requirements. CEO Kris Marszalek considers this achievement a watershed moment for their service, highlighting…

    Article 2023年7月28日

  • Nvidia CEO bullish on the future of AI as Q2 revenue skyrockets

    TL;DR Breakdown Nvidia CEO Jensen Huang is upbeat about the future of AI following a massive revenue recorded in Q2. The company is focusing on dominating the AI chip market. Description Computer chip manufacturer Nvidia has experienced a remarkable surge in its stock value, with shares soaring by nearly 10% during after-hours trading. This boost in stock price comes in response to the company’s Q2 earnings report, which not only exceeded Wall Street estimates but also showcased the surging demand for AI chips. Nvidia records a … Read more Computer chip manufacturer Nvidia has experienced a remarkable surge in its stock value, with shares soaring by nearly 10% during after-hours trading. This boost in stock price comes in response to the company’s Q2 earnings report, which not only exceeded Wall Street estimates but also showcased the surging demand for AI chips. Nvidia records a massive 88% revenue increase In the second quarter earnings report, the firm reported a staggering $13.5 billion in revenue, marking an impressive 88% increase from the previous quarter. This remarkable figure stood out as it exceeded…

    Article 2023年8月25日
TOP