TRON Holds Positive Correction During The Day: Analysis

TRON holds positive correction momentum during the day and is trading at $0.0147 but it still lacks steady support from the 50-day and 200-day moving average as we are reading in the TRON news today.

The TRX/USD experienced a major freefall from the $0.0271 price high because of the lack of momentum and the entire market volatility. During the hourly charts, there is a death crossover as the 200-day MA crosses above the 50-day MA so the TRON price crashed to the lowest at $0.0139 during the recent fall and reached a lower 20-day Bollinger Band, breaching the 2-month support over the past two days.

The TRON price seems to have a reversal of the momentum of the currency is dropping since the latter half of the previous month. With the overall panic because of the Coronavirus, the markets worldwide have crashed and are far away from profits for quite some time now. Looking at a glance, the 4-hourly price movement of TRON against the US dollar and we can see that the coin faced a major fall compared to the price increase in the early half of the month. The recent hit led the TRX coin to lose the support and the traction from the daily moving averages. The Bearish crossover is still there as the selling pressure became heavier.

The immediate support awaits at the $0.0124 level which happens in the 90-day low and a further fall will breach the same level. According to the 20-day Bollinger Bands laid so we are following the volatile days ahead of the bearish note as TRON holds the new level. The technical indicators lay exhibit that is more bullish at the MACD line of the TRX coin which has crossed above the signal line when the prices corrected upside from the upper bottom at $0.0139. The RSI of the coin is at 36 and it is seen rising from the oversold territory of the support line.

TRON grows within its decentralized app ecosystem and the things are looking quite good for Ethereum and TRON while EOS doesn’t seem to have the same luck. The daily active unique wallets for TRON increased by more than 33 percent compared to last year and the user base increased by 8 percent only in January, reaching more than 20,000 users.