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27 September 2023
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Price Analysis

TRON is bullish on February 7

  • TRX/USD has gained nearly 2% in the recent 24 hours.
  • Google users search TRON more often than Ethereum.

TRON has recovered from Wednesday’s low at $0.0255 to trade at $0.0263 by press time. The 8th largest coin with a market value of $1.7B has gained 1.7% on a day-over-day basis; however further upside may be limited by $0.0265 resistance created by a confluence of SMA levels on the 1-hour chart.

On the intraday level, TRX/USD needs to regain $0.0270 to mitigate the bearish pressure. Once it is out of the way, the coin may proceed to $0.02750 (Thursday’s high) and psychological $0.02800. Meanwhile, the ultimate resistance lies with the downside trend line from January 10 high at $0.0294, followed by psychological $0.03.

On the downside, the initial support comes at $0.0260 (SMA200, 4-hour) followed by DMA50 at $0.0242 and the recent low of $0.0240.  Once those barriers are out of the way, the sell-off may continue with the next target area $0.0232 (January 21 low) and $0.02260 DMA100.

Meanwhile, TRON has surpassed Ethereum by the number of searches in Google. The stats are provided by Co-Founder http://IAmDecentralized.org  and a TRON project supporter Misha Lederman.

The interest in TRON has been higher since March 2018. However, it is worth noting, that the recent data may be distorted by exceptional growth of interest ahead of BitTorrent ICO, which is a one-time event.

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