Course according to stablecoin plans with price jump

Tron (TRX): Price Bounces Off EMA200 South

TRX courses: $0.068 (previous day: $0.060)

Short-term resistances/objectives: $0.073, $0.077, $0.081, $0.090, $0.106, $0.117, $0.129

Short-term supports: $0.064, $0.058, $0.052, $0.046, $0.039

Tron Daily Predictions:

• TRX price surged north in an initial reaction to the news of the development of a stablecoin for the Tron network, but failed to break above the EMA200 (blue) on the daily chart.
• Over the past few hours of trading, however, the TRX price is tracking weakness across the broader crypto market and is only about two percentage points higher in a 24-hour comparison.
• Much of the initial positive reaction to Tron founder Justin Sun’s announcement died down again.
• The objective of the launch of the USDD-rated decentralized algorithmic stablecoin is to rebuild the Tron ecosystem on the model of the Terra (LUNA) UST stablecoin.
• According to Justin Sun’s plans, cryptocurrencies worth $10 billion are to be deposited for USDD hedging.

Bullish Scenario (TRX):

• Tron was able to gain 18 percentage points yesterday, April 21, and hit the cross resistance of the 38 Fibonacci retracement and the 200 EMA at $0.073.
• Here, the TRX price then bounced south and is currently trading around 10% below yesterday’s daily high of $0.067.
• Bulls should try to dynamically break through yesterday’s daily high in order to target the first price objective at $0.077. The MA200 (green) is currently running here, which could not be overcome in March 2022.
• If it stabilizes above, a move up to the intermediate target at $0.081 en route to the first overall price target at $0.090 is possible. This resistance mark acts as the first relevant indicator for the upcoming trading days.
• If, contrary to expectations, the TRX price can also overcome the 61 Fibonacci retracement at the daily closing price, a further increase up to $0.106 cannot be ruled out. Again, it will be difficult for the bulls to break through this resistance immediately.
• The range between $0.117 and $0.128 is conceivable as the maximum price target for Tron in the medium term. Here, the TRX course failed several times in the last quarter of the previous year.
• Until Tron price stabilizes above $0.077, bullish investors better wait on the sidelines to avoid being caught off guard.

Downside Scenario (TRX):

• If TRX price turns south again as part of an overall expanding market correction, the first relevant support of the 23rd Fibonacci Retracement and EMA50 (orange) awaits at $0.063. In the first attempt, Tron should bounce here to the north.
• If the TRX price slips below this support level without any significant resistance, the downward movement will immediately extend to the area around $0.058. In addition to the April low, the super trend is also found just below in the daily chart.
• If the bulls are also not successful in a sustained recovery move north, the correction extends to the uptrend line cross support and the upper level 61 Fibonacci Retracement.
• It is imperative that buyers act here in order to avoid a relapse below the $0.052 zone.
• Dropping $0.0515 would be technically fatal, but it cannot be ruled out.
• As a result, the southward trend is expected to further accelerate and push the price of Tron back into the red support zone between $0.046 and $0.039.
• The $0.039 mark currently represents the maximum bearish price target for the next few weeks of trading.
• Although the RSI and the MACD indicator in the daily chart are showing slight buy signals, further price weakness will negate them again in due course.

Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations. They are only an evaluation by the analyst.

The images in the chart were created using TradingView created.

USD/EUR exchange rate at time of writing: 0.92 EUR.