- TRON token price action drops below EMA-200 and is showing sustainability at support level
- The 24-hour trading volume in TRX is at $1.694 Billion
- The TRX/BTC pair was trading at 0.000001630 BTC with a decline of 10.07%
The daily technical chart of the TRON token predicts a bearish momentum. According to the pivot point, the key support levels for TRX are US$0.05331 and US$0.02444. However, if it goes higher, the key resistance to be aware of is $0.09888. In addition, the chart also shows a bearish engulfing candle, showing a downward trend with high reliability.
The exponential moving average (EMA) composed of 200-EMA serves as a reliable support for currency price changes. Investors can observe that the price is moving below the red line, so it will ensure TRX’s downward trend until the price resides below the EMA.
The CCI indicator gave a (bearish) signal with -287, projecting a sell signal and an oversold situation in the coin. Investors may observe a declining slope from -12 to -280. It may plunge in future trading sessions.
The volume of (16.28 M) is displayed close to the 20-day MA (21.40 M). It represents high selling pressure that pushes price level down to a lower area. Investors may also see a drop in volume on the chart, which indicates that a big move is expected soon.
The Parabolic SAR also implies an intraday sell signal, which will ensure a downward trend in the TRX unless the yellow dot stays above the price candle.
TRON (TRX) Token Indicator Shows A Sell Signal
The price of the TRON token is $0.05431, with a daily loss of 11.7% and a weekly negative loss of 28.5%. In addition, the market value is $3.796 Billion. Technically, the price shows weakness and is below EMA-200. CCI shows a sell signal. The volume is below 20 MA. Therefore, the parabolic SAR indicator also sends a sell signal. In addition, the price may fall below $0.05331 to $0.02444 in future trading sessions.
Support: $0.05331 & $0.02444