- Tron coin price rebound strongly and indicates strong buying interest near the demand zone created at lower levels
- The coin fails to hold all vital moving averages of 20, 50, 100, and 200-DMA while slipped below all
- The pair of TRX/BTC is trading at 0.000001894 BTC with an intraday loss of -2.51%, and TRX/ETH is CMP at 0.00003042 ETH loss of -6.35%.
Tron coin price witnessed a strong pullback after testing the demand zone on the lower side, while volume traction is also seems inadequate. Whereas the coin has slipped below major moving averages of 20, 50, 100, and 200-DMA. However, a strong reversal is also expected if the coin manages to sustain above 200-DMA to support good volume traction. After forming the double top pattern, TRX is facing significant selling pressure, which leads to a further strong downtrend.
The support area on the lower side is at $0.0550 and $0.0426; likewise, $0.0935 and $0.1050 will be acting as resistance at higher zones. No new entry is suggested at current market conditions, and one can wait for either side breakout.
TRX Presently Giving No Sign of Significant Recovery
Tron coin price over the weekly time frame is trading under the downward sloping channel pattern or falling channel pattern. Whereas bears seem to overpower full of bulls and the current market scenario also favors bears. Meanwhile, TRX at the technical parameters is presently giving no sign of significant recovery and trades over mix notes. Currently, the coin is trading flat at $0.06890 and volume to market cap ratio at 0.525. Volume in the last 24-hours increased over +35% standing at $2,572,341,756.
Relative Strength Index (NEUTRAL): RSI line might rebound as it is near the oversold zone. However, presently, it projects sideways momentum with no significant recovery and trailing near the oversold territory.
Moving Average Convergence Divergence (NEUTRAL) currently indicates a sideways trend on the 4-hour chart. It is trailing with the falling seller’s line (red) over the buyer’s signal line (green). As of now, TRX projects no significant recovery or clear momentum.
Support levels: $0.0550 and $0.0426
Resistance levels: $0.0935 and $0.1050
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