- TRON token price was moving in a downtrend from past trading days, and at present, it is now trading above the previous low.
- The token forms an Inverted Head and Shoulder pattern on a daily time frame.
- The pair of TRX/BTC is trading at 0.00000151 with a decrease of -0.5% in the market cap of the digital asset over the past 24 hours.
TRON token price was moving in a downward parallel channel from the past trading weeks. The token was forming lower low and lower high formation on daily timeframe. TRX token has given a breakout of 20 EMA and is now resting at it. Despite the breakout of 20 EMA, the token is still trading below 50 and 100 EMA, which could act as resistance moving upwards.TRX token is trading above the previous lower low, thus indicating a possible change in the structure of the price movement.TRX token is facing rejection of the horizontal marked supply zone $0.07.The token is trading at the upper band of the Bollinger band indicator. Once the token breaks out of the upper band, it can rapidly;y move up to $0.08.Volumes have decreased over the past trading days. If the bull breaks the supply zone at $0.07, bulls need to take control and push the price higher.
MACD and supertrend are showing bullish signs on the daily chart
TRON token price is turning bullish, as the technical parameters suggest.
Moving Average Convergence Divergence (Bullish): MACD indicates a bullish trend on the daily time frame as it gave a positive crossover. The buyer’s (blue) signal line crossed the seller’s (orange) on the upside a week ago. Recently, the MACD side touched and bounced back again, indicating bullish momentum to continue for upcoming trading days. If the token breaks out of the red supply zone, the token price could reach up to $0.08.
Supertrend: Recent bullishness in the token price has resulted in the breakout of the supertrend trendline at $87 and giving a buy signal. At present, the token is trading above the supertrend trendline, and once it breaks out at $0.07, the token can be seen moving up rapidly.
TRON Token price is forming Inverted Head and Shoulder Pattern on the daily time frame
TRON token price seems to be changing the trend to bullish, and it forms an inverted Head and Shoulder pattern on the daily timeframe. It is a reversal pattern.
Average Directional Movement Index: ADX has been continuously dipping from the past trading days, and recently, it slipped below 30, as the token faced rejection at $0.07.The ADX curve is still in a neutral downtrend, thus indicating a halt in price movement and possible change of structure in price movement.
Relative Strength Indicator: RSI is trading at 53.18 and showing bullish divergence on a daily basis. The RSI curve broke out of the 20 SMA, crossing the halfway mark of 50. The token is making higher lows and is facing rejection of the same supply zone, while the RSI curve is making a higher high and higher low, thus indicating the divergence.
Conclusion
TRX token price is showing strength on various time frames. The technical parameters suggest the same. It remains to see if the token breaks out of the short-term supply zone of $0.07 or faces rejection and trample down to $0.06.
SUPPORT: $0.05 and $0.06
RESISTANCE: $0.08 and $0.09
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.