Tron Price Analysis: TRX is Headed Yearly Low, Bulls Failed in Price Recovery
- Tron price is following a downtrend under a falling wedge pattern.
- The key exponential moving average is moving above the current price of TRX.
- The market cap fell by 3% in the last 24 hours to $5.4 billion.
The Tron crypto price failed to show a rebound in the trend. The crypto market cap is down 5.9% to $913.7 billion as compared to the previous day. The crypto cap continues to drop from $1 trillion, with TRX also following the rough path of the bears as a result.
The price action of TRX coin shows a low-high formation in the context of the daily price chart. Thus speculators draw a resistance trend line and a support trend line which looks like a falling wedge pattern. Looking at the bearish chart pattern, the trading range is gradually narrowing and the price can break this range at any point in time.
For the past six trading sessions, TRX makes the strong bearish candles so far. Thus its trading at 1.5% this week. Meanwhile, TRON coin against the USDT pair is trading at $0.05882 Mark along with 0.93% intraday drop. Furthermore, the TRX/BTC pair price is in the green zone by 4.1% at 0.0000031 satoshis.
Tron Coin Follows Downtrend Under Falling Wedge
Tron Coin has set a short-term trading range between the $0.055 to $0.070 support and resistance levels over the past three months. Afterwards, the trading volume bar is seen below the moving average (blue). Amid low volatility, trading volume was recorded at $365 million compared to the previous night.
The asset price has remained below the key exponential moving average so far this month. Amidst the downtrend, the 20-EMA is standing as a key selling area. Moreover, the RSI indicator is declining towards the oversold zone in terms of the daily price scale.
If trading volume increase further, Tron price could rally near the $0.055 support level. The RSI indicator is moving towards lower levels showing a bearish trend for TRX. Also, the 20-EMA stands as a major selling area.
Resistance level- $0.065 and $0.070
Support level- $0.055 and $0.050