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TRON (TRX) Lacks Intraday Momentum and Trades Around 38.20% Fib Level

Tron (TRX) News

TRON, at the time of penning down this analysis, was trading at 0.0149 and was holding a flattish momentum against the US Dollar. TRX/USD is facing a strict resistance around 0.0178 over the past one month now. After a gradual uptrend from the YTD low of $0.00650, TRX coin price gained gradual momentum to draw a fine uptrend until the start of the ongoing month.

However, the price trend of TRX coin currently appears flat and has been lacking steady momentum resulting into lack of support from 200-day MA while retaining slight support from a 50-day MA around 0.0144 price area on the daily chart.

Tron (TRX) Price News

Moreover, on the daily chart, Tron coin has hit the YTD highest at 0.0272 against the greenback just before the market crash in Feb 2020. Aligned to the current lack of momentum, the market is shifted sideways as Bitcoin’s recovery is also curbed, and the TRX coin is seen oscillating in a narrow range wherein it retested support below $8700. However, BTC has again shifted above $9k in the intraday, and the altcoins are likely to gain the lost traction as well.

The technicals are highlighting flattish trend and lack of momentum as the MACD and signal line have turned flat and hold bearish divergence on the daily chart, and the RSI of Tron is at 50.99, withholds no extremities at present.

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