TRON Falls in the League of Ethereum and XRP; Trades at $0.0158

TRON collaborates with MeconCash, which is a native blockchain and cryptocurrency developed by Mecon Community and is based on SHA-256. With the recent partnership of the two, MeconCash opened TRON (TRX) and Just (JST) wallets together in the MeconCash wallet application.

Moreover, with the budding partnerships of TRON, it is now recognized in the list of Top 15 Blockchain platforms by daily active addresses. The native token of the platform is also reaping long-term benefits from the development of TRON and its recent collaborations. TRX coin price trend is exhibiting an uptrend over the past 2 months, and the Month-to-Date movement of TRX/USD has been almost flat and throughout the past 25 days. However, it was just at the onset of the month when the coin had breached the 3-month long resistance at $0.018.

Additionally, the crypto hike this year has been massive due to various reasons streamlined like 3rd Bitcoin Halving, followed by Ethereum 2.0, which has been postponing for the longest time now due to difficulty to upgrade. There have been many instances when Ethereum 2.0 is compared at par with TRON 4.0, and the latter is believed to have escalated the developments in terms of technology upgrade and ecological construction and is now ready to launch in July.

TRON 4.0 is aimed at bringing upgrades and innovations in major areas of privacy and security, consensus mechanism, cross-chain protocols, and overall development of the pursuit. This is believed to hit the right chord for TRX coin to continue with the ongoing uptrend.

TRX Price Analysis

Tron News
TRX/USD Chart By TradingView

On the above 12-hourly chart from Bitfinex, TRON is drawing an uptrend over the past three months and is trading at $0.0158 at the press time. Moreover, from the past 15 days, TRX coin is drawing an almost flat trend as it oscillates in a narrow range. It was just at the onset of the month when TRX breached 3-month resistance as it went beyond $0.018 momentarily and reclaimed below $0.016 due to loss of momentum.

The technicals assigned confirm the lack of momentum as the 20-day Bollinger Bands are seen squeezing, and TRX price trend is seen hitting the lower band. The flat intraday momentum has led to losing support from 50-day MA as the price of TRON slid below $0.016 while still retains 200-day MA. Moreover, as per the current momentum, we believe that TRX is one of the altcoins that is belonging to the league of massive altcoins like Ethereum and XRP.

The technicals are appearing flat, and the MACD is bearish alongside being flat due to lack of intraday momentum that might have worked as a catalyzer for the price to spike. The RSI of the TRX coin is at 43.29 and is not exhibiting any extraditing extremities. The major support and resistance to watch out for are lying at $0.0150 and $0.0180, respectively.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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