Tron Price Plunged From $0.0160 But Strong Bullish Trend Is Forming

TRON price plunged from the recent highs of $0.0160 on Sunday but it later found support at the  50-day SMA. The TRX/USD technical picture shows a strong bullish trend is forming along with the MACD indicators as we are reading in the TRON price news.

TRON is among the many cryptocurrencies on the market that demanded support during the major selloff experienced on Sunday. Before the drop, the TRX/USD had been holding above the $0.0160 but the TRON price plunged while the upside capped under $0.0170 within the ascending channel resistance. The selloff on the market brought Tron lower and extended the leg below the 100-day SMA and the channel support failed to stop the losses which aimed for another $0.012 support line.

The TRX/USD pair is in place with the 50-day SMA at $0.0135. The pair also managed to make a minor recovery at the weekend dip and is trading at $0.0141. The broken channel support is holding the bulls back and the return into this channel will incentivize more buyers to enter the market. The RSI slowed down the downward movement while a sideways action at 45 could even end up in a consolidation phase. The MACD ability to hold the inside of the positive region shows that the buying pressure is present but there’s no catalyst to sustain the gain to the The MACD ability to hold the inside of the positive region shows that the buying pressure is present but there’s no catalyst to sustain the gain to the $0..
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0160. The key support areas that are still intact are the 50-day SMA.

TRON’s TRX surge will come soon as the price movement keeps on making great advancements in the past couple of days. The coin started with a huge surge back in February but the same was instantly followed by a crash in March. Since mid-March, the currency marked a very strong recovery that led the price on a steady road of growth. The TRX was spotted dealing at $0.0191 at the start of February. TRX marked a sharp bullish move while the price escalated to $0.0268 in two weeks’ time.

Tron (TRX) is one of the coins that is rapidly advancing and partnering with many big companies to promote its network better. A lot of that has to do with the boss behind the project, Justin Sun, and his influence in the tech world.