Tron is a project dedicated to forming a decentralized infrastructure. As it is based on blockchain technology, it enables direct interaction between users. This feature helps TRON to develop a decentralized web, create blockchain-based mobile apps and create a digital platform for producers and consumers.
Besides that, the technology also offers high scalability and availability of decentralized applications in the ecosystem.
At the time of writing, the price of TRX is around $0.097 and consolidates in this range. Since August, it has been maintaining the trendline (see the chart), still now it is following the same line and forming a support level around $0.90.
It has a resistance level of around $0.10, which it could not break the last time. The resistance level was the previous support level, but it has broken the level. Now the trendline forms the second support level.
Now, will it take a bullish trend? Let’s analyze the price chart using technical tools. On the daily chart, RSI is stable around 44; if we combine it with the MACD chart, then the combination reflects a bearish signal.
Moving Average is going down along with the Bollinger Band. The last few candlesticks are forming in the lower half of the band and suggesting a bearish signal. The best thing is the volume of trending; it only shows some positivity for TRON.
Is it a good time to invest in TRX coin? The chart is bearish, but it can take a bullish momentum. The last few candlesticks are showing signs of bullishness. However we think, it needs more clarity before you jump into the TRON.
In September, the TRX price reached an ATH of $0.12; again, it went bearish and found resistance around $0.083. The price rose again in November and created a new ATH of $0.12. Indeed, we can say that the price of TRON will jump up again and provide a good return.
If you are a long-term investor, it is the best time to invest in TRX. Invest and wait for the new ATH. If you are a swing trader, then it may not provide the ideal swing opportunity. You should wait until it comes down to the support level.
