Tron price analysis: TRX faces another rejection at $0.1, enters retracement phase

Tron price analysis

TL;DR Breakdown

  • Tron price analysis shows price facing rejection near crucial $0.09 mark
  • Price dropped over 3 percent today, moving as low as $0.080
  • Trading volume dropped 26 percent as $0.09 remains next resistance point

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.

Screenshot 2022 06 04 at 12.09.44 AM
Tron price analysis: Cryptocurrency heat map. Source: Coin360

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.

TRXUSDT 2022 06 04 10 23 30
Tron price analysis: 24-hour chart. Source: Trading View

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.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

Related News

Hot Stories

AI tokens outperform BTC - What are they?
How To Flip NFTs And Maximize Your Profits
What are the Limitations of Blockchain?
Polkadot price analysis: DOT surges to $6.87 after a successful bullish run
Web3 goes to school in India: Algorand announces game-changing partnerships

Follow Us

Industry News

AI tokens outperform BTC - What are they?
Web3 goes to school in India: Algorand announces game-changing partnerships
NYU takes the leap into the future of education with Web3 and NEAR
Nokia advances remote work via metaverse tech
Uniswap DAO Votes to Deploy V3 on Binance Smart Chain (BSC)

Add Your Heading Text Here