TL;DR Breakdown
- Tron price analysis shows price ceded upper momentum to record 2 percent decline
- Price upped more than 7 percent over the past 2 days to show promise
- Trading volume dropped 2 percent while market capitalisation grew slightly
Tron price analysis shows bearish signs once again as price gave away upper momentum to fall prey to bears. TRX endured a 2 percent decrement over the past 24 hours, after rising more than 7 percent over the past 2 days to form promising signs. Price has faced multiple rejections around the $0.06 mark during the current month, and looked to be heading past that resistance zone during yesterday’s upswing. However, similar to decline within the larger cryptocurrency market, TRX ceded momentum as bearish momentum took over today. TRX trading volume rose around 2 percent while market capitalisation fell 2 percent as well, to confirm a bearish outlook.
The larger cryptocurrency market endured minor decrements across the board, as Bitcoin dropped past $41,500 and Ethereum lost momentum above the $3,000 mark. Ripple dropped more than 2 percent to $0.75, while Dogecoin and Cardano dipped 1 percent each to move down to $0.14 and $0.93, respectively. Solana also receded 1 percent to sit at $106.83, whereas Polkadot and Terra recorded the only upswings in the market with a 1 and 2 percent increment, respectively.
Tron price analysis: Evening Star pattern emerges on daily chart to indicate trend shift
On the 24-hour candlestick chart for Tron price analysis, an Evening Star pattern can be seen emerging to indicate a change in trend as price makes a downturn. After posting successive move upwards over the past 48 hours, TRX price reached above the resistance at $0.63. However, sellers came into the market during the day’s trade to push price downwards. At the current trend, price has moved just below the 50-day exponential moving average (EMA) at $0.62. The relative strength index (RSI) sits at a middle value of 48.02 and could move lower as selling volume increases.
The moving average convergence divergence (MACD) curve albeit still shows signs of a bullish divergence. A revisit to test the $0.63 resistance can be a possibility over the next 24 hours if buyers can keep price above $0.45 support. Conversely, a move below this zone would invalidate the bullish thesis.
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