TRON was moving in an up-trend journey and reached $0.092 until the beginning of May 21, after which the TRX coin drastically fell. TRX is currently trading at a value of $0.064. The TRX token reached the Support Line of $0.051 in mid-June; however, the price increased after taking the support of the up-trend line.
The candlesticks are currently taking the support of the long-term Support Line from January, and if the coin closes below it, a downtrend can be seen. On June 28, the price had reduced marginally, and the TRON price had entered the oversold zone during mid-June as the price was at its 52-week low of $0.046. However, due to the recovery in the price, the RSI has also seen a recovery.
The RSI indicator at 44 shows neutral price momentum. The MACD line is moving above the Signal Line, indicating positive momentum. The green histogram also shows a bullish opportunity. Once the TRX coin closes above the high of $0.070, a bullish momentum can be confirmed.
However, if the price closes below the trend line, it may move towards its support. The volume bars in the past few days show indifferent price indication as neither the bears nor the bulls could take major price action.
The TRON price is moving in a wedge pattern in both weekly and daily charts. The technical parameters on the weekly chart show neutral price movement. However, the price not closing below the lows of the previous week’s candle and bulls taking the price up can be a positive sign. The investors should wait for the forming candles before entering the trade.