TRX Technical Analysis: Price May Soon Surpass Resistance Level of $0.073

Tron is a decentralized blockchain network with high throughput, scalability, and availability. It is powered by smart contracts that make it easier to deploy new applications on the Tron network. It is a PoC (Proof-of-Consensus) based network with a robust rewards distribution system. TRX is the customized token of this ecosystem. The following TRX technical analysis will predict the price trends for the next few days:

Past Performance

On Jun 2, 2021, TRX opened at $0.08. On Jun 8, 2021, TRX closed at $0.07. Thus, in the past week, the TRX price has decreased by roughly 12.5%. In the last 24 hours, TRX has traded between $0.07-$0.073.

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Day-Ahead and Tomorrow

Currently, TRX is trading at $0.071. The price has decreased from the day’s opening price of $0.072. Thus, the market seems bearish.

The MACD and signal lines have turned positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bullish. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 63%. It faced rejection at 59% and rose to the current level. Thus, buying pressures are high for TRX. Thus, the RSI oscillator is giving further credence to the impending price rise indicated by the MACD oscillator.

However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the TRX price.

In short, when we look at all three oscillators together, we can say that the overall market momentum seems bullish. However, we cannot rule out intermittent price pullbacks amidst a bullish trend.

TRX Price Analysis

Currently, the price is below the Fibonacci pivot point of $0.071. The price may soon surpass the pivot point and the first resistance level of $0.073 after intermittent price pullbacks.

The price has tested and fallen below the 38.2% FIB retracement level of $0.0712. It may soon fall below the 23.6% FIB retracement level of $0.071, before resuming its upward journey. If the price retests and breaks out of these levels in some time, then the price uptrend is strong enough to sustain till tomorrow.