- TRX is undergoing a bearish momentum after the rise in its value a week ago
- The coin, with its current market price near its 24-hour low, is experiencing a gradual fall
- Over 4.5% of intraday decrement made Tron fall by $0.0053
TRX, after a promising rise, got its tables turned and now faces the bears. The 30th ranked token in the market is getting its price down after small breakouts. This particular pattern is repeating itself on the chart and proving a tough thing to deal with. Investors took advantage and traded the token more by 2.2%, while the market cap went down by 4.6%.
The volume to market cap ratio stands at 0.2513. One may consider Tron’s inability to achieve another all-time high after four years a red flag for the long term. The TRX/BTC pair comes out to be 0.000001665 BTC, an intraday decrement of 2.68%. The same stands for the TRX/ETH pair as the current value stands at 0.00002297 ETH, experiencing an intraday loss of 1.76%.
Currently, the price of TRX is trading under the moving averages. The MA here represents the closing prices on the chart. The present condition indicates a bearish momentum on its way. There have been sightings of bears engulfing multiple times. the 200 MA line is running above the short-term lines, suggesting that one can only hope to see the token gain a positive position in the future.
Bears have taken over TRON, indicates Oscillators
The MACD line is now below the zero level and running below the signal line as an indicator of a strong bear zone. This downtrend is then supported by the divergence between the line and histogram. The RSI also shows the weakening of the token due to extreme volatility. There have been multiple instances where TRX was on the verge of getting oversold or overbought, so the stability of the token remains a question.
Resistance can be drawn at $0.106 and $0.1102 and support at $0.0979.
Conclusion- Tron remains unstable and continues the downward trend. Oscillators are not advising a buy for short-term trading as the current trend sees no reversal in the future. Also, no sudden breakout in the price is going to help gain a stable price as the chart is full of fake breakouts. In the end, one who has TRX right now should consider holding the asset and now buying more. However, every investor should consider analyzing for better observations.
Resistance- $0.106 and $0.1102
Support- $0.0979