Tron Price Forecast: TRX eyes up potential bounce to $0.06 as indicators scream buy
- Tron price has climbed above a key resistance level on the 12-hour chart.
- The digital asset is on its way to a massive rebound from a low point of $0.038.
- A crucial indicator is on the verge of presenting a buy signal.
Tron price has defended a critical support level at $0.038 and eyes up a significant rebound towards $0.06. The digital asset lost about 35% of its market capitalization in the past 48 hours after a widespread market sell-off.
Tron price could quickly rebound to $0.06
On the 12-hour chart, Tron price bounced off the 100-SMA support level at $0.038 and managed to climb above the 50-SMA resistance point at $0.046 turning it into a support level as well.
TRX/USD 12-hour chart
Additionally, the TD Sequential indicator has presented a red '8' candlestick which is typically followed by a buy signal. The next barrier is located at $0.051, which is the 26-EMA resistance point. A breakout above this level should push Tron price up to $0.06.
On the other hand, if the bears can take the initiative and push Tron price below the 50-SMA support level, they will invalidate the potential buy signal and drive TRX down to the 100-SMA level at $0.038.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
