Course according to stablecoin plans with price jump

Tron (TRX): price bounces off EMA200 to the south

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

Short-term resistances/goals: $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 forecast:

• TRX price shot sharply north in an initial reaction to the announcement of the development of a stablecoin for the Tron network, but failed to surpass the EMA200 (blue) on the daily chart.
• In the last few hours of trading, however, the TRX course follows the weakness of the entire crypto market and is only around two percentage points higher in a 24-hour comparison.
• This is the positive initial reaction to the Tron Founder Announcement Justin Sun’s majority fizzled out again.
• The aim of the launch of the USDD denoted decentralized algorithmic stablecoin is to rebuild the Tron ecosystem along the lines of the Terra (LUNA) stablecoin UST.
• According to Justin Sun’s plans, cryptocurrencies worth USD 10 billion are to be deposited for USDD hedging.

Bullish Scenario (TRX):

• Tron was able to gain 18 percentage points yesterday, April 21, and rise to the cross-resistance of the 38 Fibonacci retracement and EMA200 at USD 0.073.
• Here the TRX price then bounced back south and is currently trading around 10 percent below yesterday’s daily high of USD 0.067.
• The bulls must try to dynamically break through yesterday’s daily high in order to target the first price target at USD 0.077. The MA200 (green) is currently running here, which could not be overcome in March 2022.
• If it stabilizes above, a rise to the intermediate target at USD 0.081 on the way towards the first overarching price target at USD 0.090 is conceivable. This resist mark acts as the first relevant indicator for the next trading days.
• If, contrary to expectations, the TRX price can also overcome the 61 Fibonacci retracement at the daily closing price, a subsequent increase up to USD 0.106 cannot be ruled out. Again, it will be difficult for the bulls to break through this resist immediately.
• The range between USD 0.117 and USD 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’s price stabilizes above $0.077, bullish investors are better off waiting on the sidelines to avoid being caught flat-footed.

Bearish Scenario (TRX):

• If the TRX price slides back south as part of an expanding overall market correction, the first relevant support from the 23 Fibonacci retracement and EMA50 (orange) is waiting at USD 0.063. In the first attempt, Tron should bounce off here to the north.
• If the TRX price slips below this support mark without any significant resistance, the downward movement will immediately extend to the zone around USD 0.058. In addition to the April low, the supertrend can also be found just below in the daily chart.
• If the bulls do not succeed in a sustained recovery movement to the north here either, the correction extends to the cross support of the upward trend line and the higher-level 61 Fibonacci retracement.
• It is imperative for the buyers to take action here in order to avert a relapse below the USD 0.052 area.
• Abandoning USD 0.0515 would be fatal from a technical point of view, but it cannot be ruled out.
• As a result, the trend southwards should accelerate further and cause the Tron price to break back into the red support zone between USD 0.046 and USD 0.039.
• The USD 0.039 mark currently represents the maximum bearish price target for the coming trading weeks.
• Although the RSI and the MACD indicator in the daily chart show slight buy signals, renewed weakness in the price will negate them again in a timely manner.

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

The chart images were created using TradingView created.

USD/EUR exchange rate at the time of going to press: EUR 0.92.