Tron Price Analysis: TRX/USD bullish momentum quickly shifts the focus to $0.0200

By March 23, 2020DApps
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  • Tron embraced support at $0.0100, allowing the bulls to push for gains towards $0.020.
  • Tron is slowly becoming the preferred network for decentralized applications and smart contract execution.

Tron price is trading higher by 8% in the last 24 hours. Recovery from the recent price crash to $0.007039 has been steady but gradual. The bullish wave last Friday saw the price hit a weekly high at $0.01276. Consequently, the lower correction that followed embraced support at $0.0100.

At the time of writing, TRX/USD is trading at $0.01139. The immediate upside is limited by 100 Simple Moving Average (SMA) in the 4-hour range. On the other hand, the immediate downside is supported by the 50 SMA currently holding the ground at $0.0106.

The Relative Strength Index (RSI) uptrend shows that the prevailing momentum is bullish and bulls have a say in the direction the Tron would take. More buying entries are likely as long as the RSI continues to move upwards towards 70 (overbought region). A break above $0.0120 would open the door for more gains above $0.0140 while targeting the resistance at $0.0200.

TRX/USD 4-hour chart

TRX/USD price chart

The gradual bullish momentum over the recent days is connected to the milestones announced by Tron founder Justine Sun. Tronscan shows that the smart contract executing on Tron blockchain has surpassed 30,000. Among these, about 638 contracts have been verified. In addition to that, 724 decentralized applications have been launched on the Tron network. Notably, the trading volume continues to rise steadily.

According to @dapp_review, the number of #TRON #Dapps reached 719 with 5 new ones added. Average active users grew by near 12% week-by-week and trading volume stayed stable. TRON's Dapp ecosystem is growing at a steady pace. #TRX

— Justin Sun (@justinsuntron) March 21, 2020

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Tron is slowly becoming the preferred network for decentralized applications and smart contract execution. […]

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