Tron Price Analysis: TRX/USD dancing at the edge of a cliff, freefall to $0.008 possible
- Tron price holds on to the 4% gains accrued in the last 24 hours as bulls flex their muscles above $0.0100.
- TRX/USD is still in danger of plunging towards the previous week’s lows at $0.00711, especially of the triangle support breaks.
Tron has a market value of $0.0105 on Thursday during the European trading session. Last week, Tron lost more than 60% of its value from $0.0185 to $0.00711. Recovery has not been forthcoming over the last one week. Besides, resistance at $0.01121 has been an uphill task.
TRX/USD immediate upside is limited by the 50 Simple Moving Average (SMA) as well as the triangle resistance. A break is needed above the two resistance to open the way for more gains towards $0.0120.
The Relative Strength (RSI) has recovered above 50 and continues to move upwards. Buying entries likely to increase in the coming sessions as long as the RSI inches closer to the overbought region.
On the downside, Tron has not entire averted declines. Moreover, the rising triangle pattern could result in a breakdown to $0.0080 (key support). For now, the best the bulls can do is to defend $0.0100 support and focus on pulling the price above the triangle resistance.
TRX/USD 1-hour chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
