TRON Cryptocurrency Forecast
TRON cryptocurrency price ended at $0.120 on Thursday, after losing 0.158%.
(Updated on May 02, 2024)
The TRON cryptocurrency price fell by -0.158% on the last day (Thursday, 2nd May 2024) from $0.120 to $0.120. During the last trading day the cryptocurrency fluctuated 3.31% from a day low at $0.117 to a day high of $0.121. The price has risen in 7 of the last 10 days and is up by 8.18% over the past 2 weeks. Volume fell on the last day along with the cryptocurrency, which is actually a good sign as volume should follow the cryptocurrency. On the last day, the trading volume fell by -422 million shares and in total, 68 million shares were bought and sold for approximately $8.18 million.
The cryptocurrency lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the cryptocurrency is expected to fall -13.99% during the next 3 months and, with a 90% probability hold a price between $0.0920 and $0.111 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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TRXUSD Signals & Forecast
The TRON cryptocurrency holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $0.119 and $0.117. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 8.77%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for TRON cryptocurrency
TRON finds support from accumulated volume at $0.117 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This cryptocurrency has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the cryptocurrency moved $0.0039 between high and low, or 3.31%. For the last week, the cryptocurrency has had daily average volatility of 3.10%.
The TRON cryptocurrency is extremely overbought on RSI14 (88). This increases the short-term risk substantially.
Our recommended stop-loss: $0.115 (-4.19%) (This cryptocurrency has medium daily movements and this gives medium risk. The RSI14 is 88 and this increases the risk substantially. There is a buy signal from a pivot bottom found 14 days ago.)
Trading Expectations (TRXUSD) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect TRON to open at $0.119, and during the day (based on 14 day Average True Range), to move between $0.116 and $0.124, which gives a possible trading interval of +/-$0.0037 (+/-3.09%) up or down from last closing price. If TRON takes out the full calculated possible swing range there will be an estimated 6.18% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $0.120 (0.21%) than the support at $0.117 (2.74%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is TRON cryptocurrency A Buy?
Several short-term signals are positive, despite the cryptocurrency being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for cryptocurrency to perform well in the short-term.
Current score: 2.757 Buy Candidate Unchanged
Predicted Opening Price for TRON of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| $0.119 ( 0.472%) | $0.120 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TRXUSD
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.123 | 2.76 % | |
| R2 | 0.122 | 1.53 % | ||
| R1 | 0.121 | 0.763 % | ||
| Current price: | 0.120 | |||
| Support | S1 | 0.118 | -1.71 % | |
| S2 | 0.117 | -2.47 % | ||
| S3 | 0.116 | -3.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0.140 | 17.05 % | |
| R2 | 0.138 | 14.79 % | ||
| R1 | 0.120 | 0.211 % | ||
| Current price | 0.120 | |||
| Support | S1 | 0.117 | -2.74% | |
| S2 | 0.111 | -7.22% | ||
| S3 | 0.111 | -7.88% |
FAQ
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