Tron is reflected by a solid volume inflow. The price of Tron (TRX) has established a hard resistance of about $0.018. This price has also found a great support level in Fibonacci 38.2 percent retracement of the last rise, which was $0.016. This was expected to invite an entry with a target of nearly $0.020. Tron’s RSI is in a neutral zone of 50 points. It is slowly making the transition to a bearish zone. However, the quickest Exponential Moving Average of 20 points and 50 points keeps its price in the range still. Until a break is there from EMA 50, no sign of further flinch can be noticed currently. To conclude, we can say that Tron (TRX) was seen to be strong at the beginning of this year and it is expected to reach $0.020 quickly.
Being an ambitious project, Tron aims to establish a decentralized internet. Tron is one of the largest blockchain-based systems globally, has high throughput, is scalable, and can support many different decentralized applications. Tron’s token TRX is one of the world’s largest cryptocurrency. TRX came into existence after Tron launched an ICO successfully in September 2017, which raised more than 70 million dollars. Initially, the TRX token was created on the ERC-20 platform. Following the launch of ICO, the token migrated from ERC-20 token to TRX coin.
TRX/USD – Bullish vs Bearish
The latest pullback has troubled the short-term viewpoint for the TRX/USD pair when the bearish reversal pattern took shape on the low time frame. Tron showed great upside potential recently and invalidated the bearish reversal pattern. Now, the short term technical analysis of TRON shows a newly formed bearish head and shoulder pattern with a downside projection with $0.06. The TRX/USD pair 200-period move average on a 4-hour time frame provides the most noteworthy near-term technical service, above the level of $0.019. The technical analysis of Tron reveals that a solid downside reversal has occurred, with the bears targeting more losses below the levels of $0.020. The bulls should also defend $0.017–$0.018 area to avoid heavy losses.