- TRON price analysis shows TRX gets rejected from $0.12.
- Strong support is present at $0.10.
- Resistance is found at $0.12.
The TRON price analysis reveals TRON is getting mixed market sentiment today. Yesterday TRX got rejected at $0.090 from further climbing. Tron started correcting after touching $0.12 after two days of successful bullish swing. Today again, TRX bulls are trying again to take the price further high.
TRX/USD pair touched four months high on 12th September after the flash crash of 7th September, then again another four months high on 14th, followed by another on 15th September, where it met resistance and price dropped a little.
The overall market sentiment is bearish for today, with many crypto assets at losses and very few show gains. The behemoths of cryptocurrencies Bitcoin is at a loss of 0.7 percent, Ethereum shows a loss of 1.6 percent, Ripple at a loss of 2.4 percent, and altcoins are many in the red zones while very few are in the green zones. TRON gained a value of only 0.5 percent over the last 24 hours, and TRX/USD pair is trading hands at $0.11 at the time of writing.
TRX/USD 1-day price chart: TRX struggle at $0.090
The 1-day TRON price analysis shows bulls making attempts again for the lead, but bears are giving them a tough time. After yesterday’s correction today again, TRX bulls are trying to take the price further ahead, though bears are proving resistance as selling pressure still seems to be there. The volatility is increasing for the cryptocurrency on the charts as well.
The Bollinger bands are expanding, with the upper band at the $0.12 mark and the lower band at the $0.07 mark. The average of Bollinger bands is at the $0.10 level. The moving average (MA) is at $0.10 as well; both the averages are below the price level. The relative strength index (RSI) is on the upper side of the neutral zone at a score of 63.
TRON price analysis: Selling pressure hindering the bullish attempts
The 4-hours TRON price analysis chart shows there still is selling pressure from the feard sellers, which is impeding the bullish price movement. At the start of the day, bulls successfully carried their lead and reversed the price movement, but in the next trading session, bears took over swiftly, and the price started to decline.
Though volatility is decreasing on the hourly charts moving average (MA) is crossing price level marking a bearish indication. The Bollinger bands are also narrowing down as the ends are traveling towards one another, with the upper band present at the $0.12 mark and the lower band present at the $0.11 mark. The average of Bollinger bands is forming at $0.11, almost at the price level with an upwards curve marking another bearish crossover.
The relative strength index has also dived down towards 57 indexes though still in the bullish zone but almost neutral. Many other oscillators are also neutral, with an important oscillator of MACD indicating a bullish signal.
On the other hand, Moving averages are still on the bullish side MA10, 20,30 and EMA10, 20, 30 all show buy signals except Hull moving average showing a sell signal. This makes it overall 15 technical indicators on the bullish side and two on the selling side, whereas nine technical indications remaining neutral.
TRON price analysis: Conclusion
From the above TRON price analysis, we can assume technically there is room for a bulls rally in the near future, but bears have taken over the TRX charts as sellers are exerting pressure by selling more and more assets we can conclude that today’s trend will remain largely bearish, a cautious day for the intraday traders.
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