Tron Price Analysis: What a step above the Bollinger Band middle curve mean to TRX/USD?
- Tron price is grinding closer to a breakout according to the Bollinger Band volatility constriction.
- A return above $0.0120 is likely in the near term supported by a step above the Bollinger Band daily middle curve.
Tron price recently stepped above the resistance at $0.0120. Unfortunately, widespread selling pressure and reduced trading volume made it difficult to sustain recovery above this key zone. Instead, the price slipped back under $0.0120 and continued to explore the levels towards the major support at $0.0100.
The price is teetering at $0.01095 at the time of writing, after losing over 2% of its value in the last 24 hours. Tron market capitalization has also thinned greatly in the past few weeks. However, there has been a slight improvement from the 19th position to the 17th spot with a market cap of $732 million.
TRX/USD is trading marginally below the Bollinger Band daily middle curve. The buyers are focused on clearing the resistance in this zone. A breakout is expected above the middle curve with a possible return to $0.0120. The reducing volatility as seen with the Bollinger Band signal a possible breakout in the near future. If supported by high trading volume and a healthy technical picture, TRX/USD could soon take on the resistance at $0.014 and focus on grinding towards the psychological $0.0200.
TRX/USD daily 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
