TRX, the crypto currency developed by the controversial Justin Sun, does not want to look back, and has already accumulated a 178% recovery from the low reached in March. Today its price is USD 0.0179. Can this TRON trend continue to push the price up?
Technical Analysis of TRON’s Trend
At the beginning, the price of the TRX made a bullish exposure. However, a large part of all those gains have been wrapped up by selling pressure that has been maintained for almost 3 years, which does not allow for easy thinking about a long term upward trend.
The 8-month EMA and 18-month SMA moving averages are crossed downwards, and working as dynamic resistances. If they are broken upwards, it would be an excellent sign to think about a reactivation of the buying power we saw in the early days of cryptomoney.
In short, TRON needs to break through the resistance at USD 0.0197 to get rid of the strong downward trend, in which it has been locked for the last few years. Taking this into account, the uptrend of the last 3 months is still not very relevant.
Currently, the price has been recovering after reaching a very important historical Crypto Cash support area, which could start the transition from this downward direction, but there is no confirmation yet that this is the case.
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From the weekly chart we can see how the price has struggled to reach higher highs. However, the 8-week EMA and 18-week SMA moving averages, which are used to identify the medium-term trend, are crossed up.
When analyzed from this chart, the next relevant resistance is at USD 0.022. Depending on the trend that is witnessed, the odds are in favor of pursuing this target.
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Short term trend
In the time frame with daily candles is where we can clearly observe, the upward trend of the TRON price during the last months.
Although the trend we are witnessing in the short term is solid, it is still not very strong compared to the downward intention we saw at the beginning of the year.
The 8-day EMA and 18-day SMA moving averages are crossing upwards and working as dynamic supports. The 200-day SMA is also bullish.
Currently, resistance at USD 0.01834 is being a major drag. Crossing it would be an excellent signal for the medium term, and would leave the space free, for a move up to at least USD 0.021. Short-term odds are in favor of this scenario.
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