Home Price Analysis Tron in an Uptrend, Adding 15%; TRX Bulls Targeting $0.075

Tron in an Uptrend, Adding 15%; TRX Bulls Targeting $0.075

Tron (TRX) prices are inching higher at spot rates, up the market cap ranking. In the past trading week, the coin is up 14 percent against the USDT, rising with the broader crypto market as digital assets bottom-up from 2022 lows.

Overall, in most markets, sellers are still in control from a top-down preview. TRX is no exception, reading from the formation in the daily chart. Prices are limited below $0.075, a critical reaction level, despite advances in recent days.

Technically, there are hints of strengths considering the recent wave of higher highs relative to the lower BB. Still, there must be a clear definition of the immediate trend.

Tron DeFi and USDD De-Peg

Even in the crypto winter, Tron’s DeFi TVL was within range and recovering. Overall, the total TVL in DeFi was adversely impacted, sliding below $100 billion to around $77 billion at spot rates. Ethereum remains dominant, but Tron’s TVL is decent at $4.1 billion.

Additionally, Tron continues to be a choice platform for transferring USDT. Users trying to bypass the high Gas fees in Ethereum leverage Tron, raising the network’s profile.

However, concerns have been on USDD, the algorithmic stablecoin by the Tron DAO, observers say is fragile since it uses the exact blueprint used by UST. Despite the Tron DAO using nearly $1 billion, USDD is still de-pegged versus the USD and trades at $0.97 to the greenback.

Tron Price Analysis

Tron Price Analysis

There are higher highs relative to the lower BB signaling strength. As TRX adds 15 percent week-to-date, buyers are confident, expecting more gains. Still, there are doubts on whether the recovery will last long, making this push higher a dead cat bounce.

The primary liquidation level remains at $0.075. TRX prices are overly bound inside the climactic, wide-ranging bear bars of June 13 and 14. Ideally, for solid buy trend definition, a close above $0.075 and June 13 highs beyond the middle BB—a dynamic resistance level—would trigger demand. Accordingly, at spot rates, risk-averse traders may load the dips targeting $0.075 and later, May 2022 highs at $0.09.

However, based on the candlestick arrangement in the daily chart, the uptrend will be slowed if prices fall below $0.06 and June 21 lows.

Technical charts courtesy of Trading View.

Disclaimer: Opinions expressed are not investment advice. Do your research.


If you found this article interesting, here you can find more Tron news.

Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and a highly regarded technical analyst. He has worked in various media as an analyst. He is passionate about blockchain technology, the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through writing about his knowledge and analysis of coin price charts.
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