TRX/USD seems to be following a rising pattern according to the 11-month chart. While the TRON coin is heading towards one of the key resistances, the market is slowly moving upwards. However, the market is still far away from witnessing Bitcoin’s spikes above $10k.
Despite the fact that BTC is improvising its price momentum since the last few weeks, the leading crypto remains below $10k. Widely spread uncertainty along with frequent bearish pulls happens to be significant factors behind this.
Moreover, the way all the major economies are struggling to get rid of Coronavirus, it seems a noticeable advancement in the market, and the investor’s approach is going to take a lot of time.
TRON Price Analysis
The multi-month price path of TRON shows how Coronavirus caused the coin to adopt a steep downward trend. The TRX coin, step-by-step, broke major price levels near $0.026, $0.021, and $0.018 and formed a few SR-flips with a bearish outlook.
The price dipped as low as $0.0087 while it sought a steady support level. From here, the currency started to move upwards amid a few ups and downs. The TRX coin till now has formed higher highs at $0.011, $0.013, and $0.016, which are now going to pose as support levels.
If Tron price manages to have a hold on the uptrend, it will soon be facing resistances at $0.018, $0.021, and $0.026. Here, possibilities of rejections cannot be denied as it seems the market recovery has slowed down a bit since when the BTC’s price trend saw rejections above $9900.
Here, the technical indicators for TRX/USD are in the negative zone as the Moving Averages are yet to see a bullish crossover, and the MACD chart too is on the downside.