Tron price analysis: TRX looks to breakout with news of Alchemy Pay collaboration
- Tron price analysis shows potential boost up to $0.2 with news of integration with leading crypto fiat payment solution Alchemy Pay
- Price already up 2 percent on the day with trading volume upping over 22 percent
- TRX had been facing a period of distinct declines with price falling as low as $0.1009 yesterday
Tron price analysis for the day shows that the token is set for an uptrend after falling more than 22 percent over the last 3 days. The expected surge is to be powered by news of the announcement of Tron Foundation’s collaboration with leading crypto fiat payment solution Alchemy Pay. With the announced partnership, the Tron Foundation will assist in providing technical resources to enable cross collaboration between the platforms. TRX trades at $0.105 at the time of writing, and will be looking to target the crucial 20 and 50-day exponential moving averages (EMAs) by the close of trade.
The larger cryptocurrency market showed recoveries after yesterday’s bloodbath, led by Ethereum’s 4 percent recovery to take price past $4,200. Bitcoin, however, declined to stay just above $58,000, whereas major Altcoins rose. Cardano, Ripple and Dogecoin went up around 3 percent each, to sit at $1.86, $1.09 and $0.22, respectively. Polkadot and Solana rose significantly at 7 percent each.
TRX/USD 4-hour chart: Price picking momentum as price edges past $0.105
The short-term chart for TRX price action shows price crossing the $0.105 mark with RSI continuing to rise. The Bollinger Bands’ curves show that price is heading towards an ideally valued status. Whereas, the MACD curve currently touches its neutral zone below the 0.00 mark.
Tron price analysis: Conclusion
Tron price is set to breakout past the 100-day moving average at $0.178, backed by the news of integration with Alchemy Pay. Technical indicators suggest of a favorable status for TRX, as the 4-hour price action crossed the exponential moving average at $0.108. The support floor continues to sit at $0.103 and any movement below this point would invalidate the potential bullish thesis.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
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