1. BITBILIHome
  2. Article

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

• 121 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

  • China’s property-driven economic crisis ensues, a possible ‘Lehman moment’?

    TL;DR Breakdown The potential for a significant financial event similar to the ‘Lehman moment’ in China is becoming more pronounced. China’s property sector vulnerabilities have a global effect. China has been working on controlling the substantial borrowing of property developers through the “Three Red Lines”. Description The potential for a significant financial event similar to the ‘Lehman moment’ in China is becoming more pronounced, driven by the escalating shadow banking crisis within the nation.  Chris Wood, a global strategist at Jefferies, has raised concerns about the increasing risk of a significant financial event similar to the ‘Lehman moment’ in China. This … Read more The potential for a significant financial event similar to the ‘Lehman moment’ in China is becoming more pronounced, driven by the escalating shadow banking crisis within the nation.  Chris Wood, a global strategist at Jefferies, has raised concerns about the increasing risk of a significant financial event similar to the ‘Lehman moment’ in China. This apprehension arises within the context of a deepening shadow banking crisis within the nation. In his ‘Greed & Fear’ newsletter, Wood…

    Article 2023年8月23日

  • Terra Classic community votes to cease USTC minting for peg stability

    TL;DR Breakdown The Terra Classic community has voted to halt all minting and reminting activities associated with USTC. The primary objective is to protect the interests of both the Terra Classic community and external investors.  The proposal carries significant implications for the crypto industry. Description In a significant move aimed at restoring stability, the Terra Classic community has voted to halt all minting and reminting activities associated with TerraUSD Classic (USTC). This decision comes as part of a broader effort to reestablish a stable peg between USTC and the United States dollar. The community vote, which concluded with a 59% … Read more In a significant move aimed at restoring stability, the Terra Classic community has voted to halt all minting and reminting activities associated with TerraUSD Classic (USTC). This decision comes as part of a broader effort to reestablish a stable peg between USTC and the United States dollar. The community vote, which concluded with a 59% majority in favor of discontinuing USTC minting, is seen as a pivotal step towards addressing the recent turmoil in the Terra Classic…

    Article 2023年9月25日

  • European Central Bank expected to hold rates amid slow economy activity

    TL;DR Breakdown The European Central Bank (ECB) is expected to maintain its current interest rates due to a swifter-than-anticipated economic slowdown across the Eurozone. There is an ongoing debate within the ECB between doves and hawks regarding the relationship between weaker growth and inflation. Industrial output in the Eurozone experienced a more significant decline in July than initially anticipated. Description The European Central Bank is poised to maintain current interest rates on Thursday, given the swifter-than-anticipated slowdown in economic activity across the euro area. Consumers in the region are showing restraint in their spending due to inflation eroding their disposable income, and the manufacturing sector has been on a declining trend since roughly mid-2022. While … Read more The European Central Bank is poised to maintain current interest rates on Thursday, given the swifter-than-anticipated slowdown in economic activity across the euro area. Consumers in the region are showing restraint in their spending due to inflation eroding their disposable income, and the manufacturing sector has been on a declining trend since roughly mid-2022. While economic theory would imply that these two…

    Article 2023年9月14日

  • I asked ChatGPT: Will PEPE ever hit $1?

    TL;DR Breakdown PEPE, a meme coin, gets its value from its association with viral online culture and meme popularity. The meme coin’s path to $1 depends on factors such as community support, broader market sentiment, real-world utility, and regulatory environment. Meme coins often defy traditional technical patterns due to their speculative nature. As per GPT-4’s assessment, it is unlikely that PEPE will reach $1 in the short term; such an event might take a decade or more. In a quest to uncover the future of meme coins, I found myself at the digital doorstep of an intriguing entity – ChatGPT, OpenAI’s renowned language model based on the GPT-4 architecture. I aimed to decipher the future of a meme coin that has seen much buzz recently – PEPE. The million-dollar question – “Will PEPE ever hit $1?” Behind the humor: The complex world of meme coins As explained by GPT-4, meme coins, including PEPE, derive their value from their meme counterparts’ popularity in viral online culture. Their success is a cocktail of community engagement, market sentiment, and broader market trends. The…

    Article 2023年6月2日

  • Gala Games in turmoil: CEO and co-founder engage in legal battle

    TL;DR Breakdown Gala Games is facing internal turmoil as its CEO and Co-Founder have filed lawsuits against each other, causing significant disruptions within the company. The ongoing legal disputes have led to a 72% drop in Gala Games’ stock value in 2023, eroding investor confidence and financial stability. Description In a dramatic escalation of internal conflicts, Eric Schiermeyer, CEO of Gala Games, and Wright Thurston, the company’s co-founder, have filed lawsuits against each other, sending shockwaves through the blockchain gaming community. The lawsuits unveiled Schiermeyer’s lawsuit, filed on behalf of Blockchain Game Partners—the parent company of Gala Games—accused Thurston and his investment firm, True … Read more In a dramatic escalation of internal conflicts, Eric Schiermeyer, CEO of Gala Games, and Wright Thurston, the company’s co-founder, have filed lawsuits against each other, sending shockwaves through the blockchain gaming community. The lawsuits unveiled Schiermeyer’s lawsuit, filed on behalf of Blockchain Game Partners—the parent company of Gala Games—accused Thurston and his investment firm, True North Investments, of unlawfully acquiring and selling approximately 8.645 billion GALA tokens, valued at around $130 million.  The…

    Article 2023年9月4日
TOP