- Tron price is planning to decline out of the horizontal range-bound area registering its breakdown.
- The crypto asset is trying to maintain itself above the 20 EMA line, however, it’s still above the 50, 100, and 200-days Daily Moving Average.
- The pair TRX/BTC is at 0.000002731 BTC with an intraday gain of 1.00%.
Tron price is trying to sustain at the verge of the horizontal range-bound area over the daily price chart. The token falters at the current level as bulls aren’t accumulating themselves at a significant rate. TRX coin price is falling below the 20 EMA line and it stands rigid above the 50, 100, and 200-days Daily Moving Average. In contrast, bears are trying to pull the token back below the 20 EMA line and register the token’s breakdown from the consolidation phase. TRX coin has been consolidating inside a range of $0.08 and $0.078. The token falters at the current level as TRX may decline through it and it should avoid falling significantly to avoid the bearish rally.
Tron’s price is presently CMP at $0.07 and has lost 2.16% of its market capitalization in the last 24-hour period. However, trading volume is slightly up by 4% in the intraday trading session. This shows that bears are trying to increase short-selling pressure over TRX bulls. Meanwhile, bulls are showing their presence and they are still trying to push the token upwards. The volume to market cap ratio is 0.09947.
Tron price is trying to sustain at the lower trendline of the horizontal range-bound area. The token must sustain at the lower level to surge back inside the range-bound area. However, bears are trying to pull the token and start the bearish rally of TRX. Volume change can be seen below average and needs to grow for TRX to successfully sustain at the current level.
Support on the lower end is at $0.076 and resistance on the higher side is at $0.085.
TRX bulls Facing Sustainability Issue
Tron price is trying to gain the support from bulls but it falters at the current level. TRX looks like it may start a bearish rally at any moment. Technical Indicators suggest the downtrend momentum of TRX coin. Relative Strength Index showcases that Tron coin struggles at neutrality and shows the consolidation phase. MACD exhibits the downtrend momentum of TRX coin. The MACD line is below the signal line after a negative crossover. TRX investors can expect a bearish rally if TRX couldn’t sustain at the lower trendline of the consolidation phase.
Conclusion
Tron price is trying to sustain at the verge of the horizontal range-bound area over the daily price chart. The token falters at the current level as bulls aren’t accumulating themselves at the significant rate. TRX looks like it may start a bearish rally at any moment. Technical Indicators suggest the downtrend momentum of TRX coin. TRX investors can expect a bearish rally if TRX couldn’t sustain at the lower trendline of the consolidation phase.
Technical Levels
Support Levels: $0.076
Resistance Levels: $0.085
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.