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TRON Price Prediction: TRX ready for a major price explosion according to indicators

  • TRX is currently priced at $0.0254 and has been trading sideways for the past three weeks.
  • Several indicators show the digital asset is on the cusp of a major price move.

Tron has been trading inside a tight range from $0.028 to $0.0239 for the past three weeks without a clear direction. Several indicators show that TRX is on the verge of a massive breakout, but in which direction? Let’s take a look at some different metrics to find out.

Tron investors are ready for significant price action 

On the daily chart, the digital asset is trading sideways. The Bollinger Bands have squeezed significantly, something not seen since July 24 which preceded a huge move to $0.049 from a low of $0.0182, further supporting the idea that Tron is on the verge of a breakout. 

TRX/USD daily chart

trx price

The bulls have better odds on the daily chart as the price of TRX has transformed the 100-SMA and the 200-SMA into support levels. It also seems that the overall trend has been positive for TRX since the huge crash on March 12 due to the pandemic. 

TRX/USD 12-hour chart

trx price

The story is quite similar on the 12-hour chart with bulls holding the 200-SMA. The RSIC is overextended. The last several times this indicator dropped to the current levels, the price of TRX had significant 10-15% bounces within the next few hours.

A breakout above the 100-SMA at $0.029 would be considered bullish and likely to drive the price of TRX towards the high of $0.036 as there aren’t many resistance levels on the way up. In the shorter-term, bulls can find support at the 100-SMA on the daily chart at $0.025. 

TRX/USD 4-hour chart

trx price

Unfortunately, it seems that bears are taking control of the 4-hour chart with the price of TRX slipping below all three SMAs and turning them into strong resistance levels. Additionally, Tron also confirmed a downtrend after establishing several lower lows.

The first low at $0.0263 was broken several hours later at $0.0255 and then the current low of $0.0253. Furthermore, the MACD has turned bearish which has been an accurate indicator of upcoming bearish moves in the short-term.

The most crucial support level was established at $0.0244, the lowest price point of the tight range on the daily chart. A breakout below this level can easily drive TRX to a new low of $0.022 and even $0.02 where the 200-SMA is located on the daily chart.

Key price points for TRX

We know TRX is trading inside a tight range on the daily chart awaiting a major breakout. This theory is supported by the Bollinger Bands indicator as well. A breakout above $0.029 can drive the price of Tron to $0.036 without much resistance.

On the other hand, a bearish breakout below the crucial support level at $0.0244 can push the price of Tron down to $0.022 and as low as $0.02 where the 200-SMA was set on the daily chart. Tron does not have a lot of support on the way down.

Author

Lorenzo Stroe

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.

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