Tron – Tron price Analysis: Signs Of Recovery, Keep Tracking

• Tron price has formed a double top on the daily line chart 
• Volume analysis shows overpowering buying volumes over selling volumes

Tron price has made a double bottom on the 4-hour time frame charts, which is an initial sign of a reversal in the coin. Also, the volume analysis shows that the volume has significantly dropped in the recent sessions and that the price range has a higher buying pressure over selling pressure. The market cap and 24-hour volume are $3,252,835,672 and $1,662,104,315,898 respectively. 

Tron price Only Hurdle For Bull Mode 

Left Image: On the 4-hour time frame coin, TRX price tests the resistance along with the 38.2% Fibonacci Level($0.0459). The coin is receiving support at $0.04159(23.6% Fibonacci level). Strong resistance can be present at $0.049(50% Fibonacci level) 

Right Image:  The price has surpassed the 20-EMA($0.045) and gave a breakout from the 50EMA($0.044) in the last 4-hour session, so we can assume that the coin is in the bull mode and soon test the 10-EMA($0.046) resistance. 200-EMA can be a potential resistance at $0.056.

Bollinger Bands are contracting; this is a sign of decline in volatility which pushes the price towards the median: 10-EMA($0.04680). The coin can not be considered to be in a bull run till it breaches the 10EMA. The upper and lower limit for the coin is determined by the upper band at $0.05 and the lower band at $0.042. 

RSI has made a positive divergence on the 4-hour chart since it created a higher low while the price made an equivalent low. Such formation brings in bullish momentum. RSI is at the 45 levels, a strong resistance for the indicator; if broken, we can consider the coin can zoom without any hurdles from RSI. 

MACD(8,21,5) is hovering in the negative territory and preparing to give a bullish crossover which may bring considerable buying pressure to break out from the Fibonacci level and get RSI above the resistance level. 

Conclusion 

TRX price has surpassed the 20-EMA and 50-EMA, whereas it is due on 10-EMA to enter the bullish mode. The coin is facing resistance at $0.045, but if it surpasses, it may reach $0.05. 

Support: $0.045(20-EMA), $0.0444(50-EMA), $0.041(23.6% Fibonacci Level) and $0.042(lower BB) 

Resistance: $0.045(10-EMAand 38.2% Fibonacci Level), $0.05(50%Fibonacci Level) 

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