TRON Price Analysis: TRX Gearing Up for a Massive Rally?


  • The $0.056 support level for TRX/USD is really strong.
  • 24-hour trading volume for TRON is hovering at $278,192,928.00.
  • TRON(TRX) records downward movement today.
  • TRX rose 1.9% in seven days.

04 February 2023 : In this article we will walk you through TRON price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for TRON, Is TRX a good investment? TRON support & resistance levels etc. But before diving deep into the TRX technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,083,721,884,684. The total trading volume stands at $50,285,708,935. Bitcoin shares 41.6 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $23,379.68 level after a decline of -0.58%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.93 percent reaching to $1,662.73 during the previous 24 hours.
While publishing this blog, BNB traded at $329.45, following a price change of -0.59%within the same time frame. XRP the native coin of XRP is up by 0.18 and currently trading at $0.41. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

TRON Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of TRON (TRX)

TRX Resistance Levels TRX Support Levels
Resistance Level 1 $0.065 Support Level 1 $0.059
Resistance Level 2 $0.068 Support Level 2 $0.056
Resistance Level 3 $0.071 Support Level 3 $0.053

TRON Performance

The current TRON price is $0.064, with a trading volume of $278,192,928.00 in the past 24-hours. Currently, TRX is down by -0.4% since yesterday with a market capitalization of $5,876,075,152.00 USD.

TRON Price Analysis

TRX price analysis for 04 February 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the TRON.

Moving Averages Price Indicator
Simple Moving Average (10) 0.062 Buy
Exponential Moving Average (10) 0.062 Buy
Simple Moving Average (20) 0.062 Buy
Exponential Moving Average (20) 0.062 Buy
Simple Moving Average (50) 0.062 Buy
Exponential Moving Average (50) 0.062 Buy

RSI implying near overbought phase while trading at 52 and is trying to break out of the neutrality zone. The immediate resistance for TRX is found at $0.065, and a breakout from this level could leads towards the next resistance, which can be found at $0.068. On the other hand, if the bear take control and TRX price fails to break out above $0.065, it could fall back towards the crucial support at $0.059. While TRX’s Williams %R indicator is at -44.444 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The TRX/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market.

Conclusions

According to the TRON (TRX) price analysis, the bears have failed to take the market downwards, and as a result, we are likely to see the continuation of the bullish trend in the coming days.