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Tron Price Analysis: TRX/USD breaks above local resistance, gains nearly 3% since the start of the day

  • Tron's on-chain fundamentals have improved in recent weeks.
  • The coin is vulnerable to further losses due to technical factors.
Tron Price Analysis: TRX/USD breaks above local resistance, gains nearly 3% since the start of the day
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

TRON Foundation published its weekly stats, that showed a significant increase of new addresses to over 6.8 million. Notably, the total number of transactions exceeded 1 billion with over 17 million transactions registered during the previous week. The number of dApps within the network reached 159, while their daily average users settled at 61,108. In total, they performed 822,600 transactions daily to the tune of $7.7 million.

TRX is the 17th largest digital asset with the current market value of $1.15 billion. The coin has an average daily trading volume of about $335 million. It is most actively traded against USDT and BTC on Binance and OKEx.

TRX/USD: Technical picture

At the time of writing, TRX/USD is changing hands at $0,0176, having gained 2.8% since the beginning of Tuesday. The local support for the coin is created by $0.01750 (the middle line of the daily Bollinger Band)  followed by a psychological $0.01700. The coin recovered above 100-hour SMA, which is a bullish short-term signal. The sell-off may be extended towards 50-day SMA at $0.01688 and $0.01600. This psychological barrier is reinforced by a combination of 100-day and 200-day SMAs. 

On the upside,  a sustainable move above the next resistance of  $0.01800 is needed to clear the way to $0.1860. This barrier is reinforced by the upper line of the daily Bollinger Band. Also, this area served as a channel resistance during the previous recovery attempt.

TRX/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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