TRX Technical Analysis – September 2021
Monthly Analysis
In the last month, TRX has increased by more than 50%, reaching a price of $0.106. While TRX has been bullish for quite some time now, it is only a matter of time before the price retraces. Nonetheless, that does not indicate that the trend might reverse. TRX might maintain this bullish run.
Weekly Analysis
Over the last week, TRX has increased by 25%. This wave benefitted traders after the previous consolidation. Since TRX is expected to slightly drop in the coming days, we might see TRX go lower before attempting to surpass its current price again.
Daily Analysis
In an intraday chart, TRX fell in the first five hours. However, its price started increasing again as traders are attempting to keep this run going.
Key Structures
Support
- $0.096
Resistance
- $0.106
Indicators
Moving Average
The 20-day moving average is below the price and may act as support in the coming days. This might suggest that the bullish trend might continue for TRX. Additionally, the 9-day average also suggests a continuation of this current trend.
Relative Strength Index
The relative strength index is at 74, meaning that it is outside of the normal 30-70 range. This indicates that TRX is currently overbought. Due to this indicator, we might expect TRX to decline in the coming days, at least down to the projected support. Once the RSI is back within the 30-70 range, then we might see TRX start increasing again.
MACD
The MACD line is above the signal line. This means the MACD is above the baseline and the momentum is bullish for TRX. Since the RSI suggests that a pullback is about to occur, we might see the two lines come closer together. Nonetheless, the uptrend might continue for TRX.
Fibonacci
In the shorter term, the Fibonacci levels drawn from the recent price increase of TRX suggest that TRX is yet to retrace to the 23.6% level. Furthermore, the 38.2% level coincides with a previous resistance, indicating that the $0.096 might be a good level of support for TRON in the coming days.
As for the longer term, TRX might aim to hit the -23.6% level as a potential price target at $0.119. The 38.2% level might support TRON if the price breaks the first structure of support in the longer term.
Price Prediction TRON – September 2021
Looking at the candlesticks pattern of the recent price movement of TRON, we can notice bullish tendencies despite TRX being overbought based on the relative strength index. Judging by that, TRX might have a pullback in the coming days, but it may begin increasing again and reaching even higher. TRX might surpass $0.120 this month, other things equal.
Latest News for TRON – Affecting Price
Recently, the TRON Foundation launched $300 million on the GameFi within the TRON network. This was done in collaboration with APENFT and WINKLINK. Such funds were made to further grow the NFTs and GameFi, which are noticeably becoming more popular each day. This might have been one of the factors of TRON’s recent price increase.
If you want to learn more about TRON (TRX) and its fundamentals, check out this article:
TRON Price Prediction 2021 and for the Next 5 Years – Will TRX Reach $1?
