Tron Price
Tron Price Analysis: TRX Still Falters at $0.050, Will it get Support and Sustain or get Detained?
- After a fascinating roller coaster ride and several interesting patterns on the daily price chart, the Tron price is plummeting.
- The crypto asset is trading below the 20, 50, 100, and 200-day Daily Moving Average.
- The pair of TRX/BTC is at 0.000004602 BTC with an intraday drop of 3.71%.
On the daily price chart, the price of Tron is in a significant downtrend. However, every cryptocurrency is in the midst of an existential crisis, as they are all surging bearishly once Bitcoin falls below $25000. Bitcoin appears to have gained traction and is now forming a range. BTC, on the other hand, is currently stalling below $20000 and remains below $25000. As a result, other altcoins will have to wait for their comeback. Bitcoin has a colossal market share of the entire cryptocurrency sector. As soon as BTC, the classic crypto-token, begins to decrease, other altcoins begin to follow in its footsteps. Tron is likewise in freefall, with a significant downturn and some fascinating patterns on the daily price chart.
Tron’s price is presently CMP at $0.051 and has lost 11.72% of its market capitalization in the last 24-hour period. Trading volume has decreased by 32% in the intraday trading session. Volume signifies that bears are on the move and TRX is currently going through short-selling pressure. The volume to market cap ratio is 0.4366.
TRX coin price fell into a declining channel in November and December 2021, and it continued to fall into 2022 while trapped inside the downward channel. TRX then found support and rose via a rising channel before correcting its price with a rounded bottom pattern. On the daily price chart, TRX had a perfect roller-coaster ride. Tron Price is trading below 20, 50, 100, and 200-days Daily Moving Average.
What do Technical Indicators Suggest about TRX?
TRX coin price is still sliding with consistent decline momentum throughout the daily price chart, attempting to gain support from bulls. However, by reversing the trend near the $0.50 level, it may reclaim the rising momentum. TRX coin’s technical indicators point to a bearish trend. TRX, like other altcoins, is currently oversold, according to the Reactive Strength Index. RSI is presently CMP at 23. TRX investors need to wait until RSI makes its return from the oversold territory.
MACD exhibits the downtrend momentum of the TRX coin. The MACD line is below the signal line after a negative crossover.
Conclusion
On the daily price chart, the price of Tron is in a significant downtrend. However, every cryptocurrency is in the midst of an existential crisis, as they are all surging bearishly once Bitcoin falls below $25000. Bitcoin appears to have gained traction and is now forming a range. TRX then found support and rose via a rising channel before correcting its price with a rounded bottom pattern. On the daily price chart, TRX had a perfect roller-coaster ride. TRX, like other altcoins, is currently oversold, according to the Reactive Strength Index. TRX investors need to wait until RSI makes its return from the oversold territory.
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.
