Tron Price Analysis: TRON Coin Price Is All Set To Plunge To The Other Side of its parallel channel

  • TRX coin shows a death crossover of 50 and 200-day EMA in the daily time frame
  • The TRX/BTC pair was trading at 0.000001675 BTC with a loss of 10.61%
  • the current price of the TRX coin is $0.049, with an intraday loss of 6.49
Source- TRX/USD on Tradingview

The TRX coin price is resonating in a falling parallel channel pattern in the daily time frame. After getting rejected from the overhead resistance trendline, the market bears become more aggressive and has started crushing new support levels. Thus, traders can look for a good shorting opportunity as the price shows a high probability of plunging to the bottom support trendline.

Concerning the EMA’s, the TRX coin is trading below all the crucial EMA’s 20, 50, 100, and 200, indicating an excellent bearish trend formation. In addition, the chart also shows a death crossover of the 50 and 200-day EMA, luring more sellers into the market. Moreover, The 20 EMA acts as the first line of defense for bears as it provides strong dynamic resistance to the TRX coin.

The RSI value is at 29, indicating a strong bearish sentiment in the market as the price has entered the overselling zone.

TRX Coin Gives A Bearish Breakdown From The Falling Wedge Pattern

Source-  TRX/USD on Tradingview

The TRX coin price was wobbling in a falling wedge pattern in the 4hr time frame and has recently given a strong bearish breakdown from this bottom support trendline with a huge volume spike. This breakdown from the parallel channel pattern provides great confirmation for TRX traders looking for a short opportunity in this coin.

The MACD indicator (BEARISH) shows that the MACD and signal lines are below the neutral zone, indicating bearish momentum in the coin. in addition, indicators also show a bearish crossover of the two lines, projecting a sell signal for TRX traders

Conclusion: From the technical perspective, the overall market sentiment of the coin is bearish, and following the falling parallel channel pattern, the pattern shows a high probability of price dropping to the bottom support trendline. This trend trades can look for good short opportunities in TRX coin.

Support– $0.048, $0.044

Resistance– $0.055

News Source