2020-9-2 17:51 |
TRX/USD could be priced at $0.40 soon if bulls sustain momentum above its multi-year high price of $0.37.
TRON’s partnership with Band Protocol is partly responsible for the TRX/USD pair trading higher over the past 24 hours. After jumping nearly 20% on Tuesday to close at a new multi-year high of $0.34, TRON has climbed to an intraday high of $0.375.
With the potential for a crack at the DeFi windfall could see the price of the native token on the TRON blockchain jump to highs of $0.40 within the next few trading sessions.
As of writing, the upside momentum seen over the past 24-hour trading session has pushed TRON’s market cap to $2.6 billion. More than $2.9 billion worth of the token has been traded in since yesterday, a threefold spike seen since the partnership with Band Protocol was made public.
TRON’s founder Justin Sun says that it is the first step in many that will see increased adoption of DeFi on the TRON blockchain.
TRX/USD bullish momentumTRON has gained momentum over the past several sessions as its price broke above major resistance levels to trade above $0.30. Currently, the token is outperforming both Bitcoin and Ethereum on the daily and weekly timeframes.
The uptrend has seen TRON price print successive green candles over the last six sessions, with higher highs and higher lows.
Chart showing TRX/USD price action over the 4-hour charts. Source: TradingView.If price breaks above $0.36, TRX/USD will be ready to confirm a major trend reversal that could likely see it rally higher in the next few days or weeks.
A slight downward correction is however likely, given the RSI is flat-lining and could reverse as suggested on the 4-hour chart. The target for bulls is to test resistance at $0.40, which might be helped by a resolute RSI on both the higher time frames. Increased buying pressure in the market might also be the catalyst for TRON to try the hurdle.
A flip from the overbought territory could nonetheless see bulls forced to defend gains at $0.35, and below that, the crucial $0.34 line demarcated by the middle curve of the Bollinger bands on the hourly chart.
TRX/USD price 1-hour chart. Source: TradingViewIf bears seize control, TRX/USD could tank to support levels around 61.8% and 50% Fibonacci retracement levels at $0.030 and $0.0279.
The post TRON price analysis: TRX/USD focused on $0.40 as major trend reversal underway appeared first on Coin Journal.
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