Tron price analysis is showing bearish signs once again as price began a significant retracement after increasing up to $0.092 on Wednesday. Sellers were quick to apply pressure and pull price back before hitting the crucial $0.1 mark, meaning Tron continues to face rejection at this mark since May 8, 2022. TRX dropped more than 3 percent over the past 24 hours, with trading volume falling 26 percent to cede control to sellers. The $0.09 mark remains the crucial next resistance point for TRX, while immediate support sits at $0.074 with current price trending at $0.078.
The larger cryptocurrency market also faced a stern decline over the past 24 hours, as Bitcoin moved below the $30,000 mark to move down to $29,500. Ethereum also failed to capitalise further on the $2,000 mark, dropping 3 percent to $1,700. Among leading Altcoins, Ripple dropped 3 percent to $0.38 and Cardano 2 percent to $0.56. Solana declined significantly by 5 percent down to $38.41, while Polkadot moved as low as $9.41 with a 4 percent decrement. Meanwhile, Dogecoin dropped 2 percent down to $0.08.
Tron price analysis: Bearish divergence expected to intensify on daily chart
On the 24-hour candlestick chart for Tron price analysis, price can be seen making a sharp decline from the $0.083 pivot zone to move further closer to support at $0.074. TRX faced rejection in pursuit of the $0.09 mark yesterday and since then bears have taken over the market to propel price downward. The current trend sits below the 50 and 100-day exponential moving average, with the former set at $0.081.
The 24-hour relative strength index (RSI) has also taken a distinct turn downwards after reaching the oversold region at 59.12. Market valuation for TRX has also suffered in relation to price, with trading volume falling more than 26 percent. In addition, the moving average convergence divergence (MACD) is forming lower highs and is expected to diverge further away below the neutral zone. Over the coming 24 hours, TRX price could fall further towards support at $0.074 with the second support fixed at $0.060.
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