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

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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.

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