- Tron price gradually nurtures an uptrend and climbs above $0.0120, encouraging more buyers to join the market.
- TRX/USD is not out of danger as long as the gap between the 50-day SMA and the 200-day SMA continues to diminish.
Tron price has managed to sustain an uptrend above a short term trendline since the recent sharp drop to $0.00735. However, progress to the north has not been forthcoming. Intriguingly, TRX/USD stepped above $0.0120 (a former seller congestion zone). The move has seen buyers shift their focus to the 200-day SMA at $0.0160. Meanwhile, bulls have an uphill task to defend $0.0120 as key support.
TRX/USD is trading 4% higher in the last 24 hours. It has a market value of $0.012107. Bullish momentum is in the lead at the time of writing mainly supported by the RSI. The indicator has gradually sustained an uptrend from the lows reached during the recent freefall at 21.42.
Although the bulls are in the driver seat, they lack a catalyst to tackle the immediate resistance at $0.0140 and the key hurdle at $0.0160. Besides, if the 50-day SMA drops below the 200-day, sellers are likely to take back control and force TRX/USD to levels around $0.0100 or even lower at $0.00735 (March 2020 lows).
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.