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Tron Price Estimation: TRX Gearing Up for a Significant Surge?

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Tron (TRX) price is up 1.5% in the last 24 hours and traded at $0.089180 as of 6:41am EST and it’s held onto gains above $0.0830 since August 19, sparking buyers’ interest.

TRX’s trading volume for the day showed a 19.5% gain, reaching $363 million, and its price has risen 4.3% over the past week.

Can Tron TRX Break Above The Ascending Triangle?

Tron TRX Price Estimation
TRXUSDT Price Chart. Source:

TRX has shown upward momentum since August 19, reaching $0.091. However, at the time of writing, Tron TRX is showing intensified bearish pressure, as shown by the red candlestick. This is despite the overall upward trend.

This upward trend receives additional support from the 50-day and 200-day simple moving averages, which are currently trading below the price at $0.072 and $0.081, respectively. Furthermore, the 50-day SMA acts as an immediate support for the Tron TRX price.

Nevertheless, the Relative Strength Index (RSI) has displayed a downward movement, transitioning from above the overbought zone of 70 and crossing below, showing intense selling pressure during this period. At the time of writing, the RSI trades at 68.

Tron TRX Price Estimation

Tron TRX price maintains a bullish bias, evident by the ascending triangle and support from the 50-day and 20-day simple moving averages. Considering this, bulls may drive the price above the triangle, targeting the $0.1 mark.

However, if selling pressure persists, as shown on the chart and by the Relative Strength Index, bears could gain strength. They could push the price down to the $0.084 support zone. Further downward movement could lead to $0.079.

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