Tron Price Analysis: TRX Surges 16% After Finding $0.5 Support

• Tron is up by a strong 16% today as the cryptocurrency bounces from $0.05 and hits $0.0648.
  
• Despite the strong rebound, TRX is still trading beneath the 200-day moving average price.
  
• Against Bitcoin, Tron found solid support at 156 SAT (.618 Fib Retracement) and has since bounced back toward 200 SAT.
  

What has been going on?
Taking a look at the daily chart above, we can see that TRX has been in an extended downtrend since the start of May when it hit its ATH price of around $0.17 on Binance. BY the last week of May, TRX had reached as low as $0.06 but managed to hold support provided by the 200-day MA.

In June, TRX started to trade inside a descending triangle consolidation pattern. The triangle floor was just beneath $0.07, and TRX managed to remain above it for most of the month. However, on Monday, TRX eventually broke toward the downside of this triangle and fell beneath the 200-day MA support.

After breaking the triangle, TRX continued to drop until support was finally found on Tuesday at $0.05. It managed to rebound from there yesterday and has since pushed near the $0.065 level.

TRX price short term prediction: BEARISH

TRX has to be considered bearish beneath the 200-day MA level. The cryptocurrency needs to break above $0.068 (200-day MA & 20-day MA) to become neutral again. It would need to surpass resistance at $0.1 to be considered bullish in the short term.

If the sellers push lower, the first support lies at $0.06. This is followed by $0.05. Beneath $0.05, added support lies at $0.0453 (downside 1.272 Fib Extension), $0.042, $0.04, and $0.037.

Where Is The Resistance Toward The Upside?

On the other side, the first resistance lies at $0.068 (200-day MA & 20-day MA). Above this, resistance lies at $0.0751 (bearish .236 Fib Retracement), $0.08, and $0.087 (50-day MA). If the buyers continue to drive above $0.09, resistance can be expected at $0.093 (bearish .382 Fib Retracement), $0.095 (100-day MA), and $0.1.