- Tron dropped 11 percent on intra-day trade, falling to the lowest point since September 7
- Price continues to slip an is expected to test major support level at $0.08
- Technical indicators suggest bearish trend is likely to continue unless drastic buying activity is seen
Tron price analysis shows worrying signs as the token dropped more than 11 percent over the past 24 hours. After hitting a high of $0.12 only 3 days ago, price has taken a sharp downturn to drop as low as $0.093. It continues to test the support level at $0.08 and is expected to lower before the next bull run. Another worrying sign can be seen in the increasing trading volume that upped 34 percent, suggesting there are massive sell offs taking place in the market, lowering price further.
The larger cryptocurrency market followed Tron’s movement downward, led by Bitcoin’s 6 percent decline down to $45,000. Ethereum lowered 7 percent to just above $3,000 while Altcoins also suffered. Serious losses can be observed in major Altcoins, such as Cardano (9 percent), Ripple (9 percent), Solana (10 percent), Dogecoin (8 percent) and Polkadot (8 percent).
TRX/USD 24-hour chart: Descending triangle pattern appears on daily trade
A declining red candlestick pattern can be observed on the daily chart for Tron price analysis, justifying the 11 percent price dip. However, trade over the last 24 hours suggests that there is some buyer movement in the market, as price was upped $0.092 to $0.095 at close. The daily relative strength index (RSI) sits at a lowly 47, indicating little valuation from buyers.
Price has also slipped beneath the simple moving average over the last two trading sessions, presenting further worrying signs. It remains to be seen when buyer push is initiated, but it may not be before support at $0.08 will be tested. further as bearish behavior dominates the TRX market.
TRX/USD 4-hour chart: Low RSI presents possible opportunity for Tron
On the 4-hour chart, the RSI value can be seen as low as 30, which suggests that the token has lost almost all valuation from traders at current trend. However, this can serve as a trigger point for an upturn in price. At such an undervalued status, it can be expected that buyers will come into the market and push price upwards.
Price currently sits well below the exponential moving average (EMA) as well, with other technical indicators also presenting a worrying picture. However, if some upward momentum can be gathered over the upcoming trading sessions we might see a turn in fortunes for TRX.
Tron price analysis conclusion
Having fallen over 11 percent over 24 hours, Tron price analysis suggests a bleak view for the token. Increasing trading volume suggests sell offs are at a peak with price continuing to test support at $0.08.H
owever, the current scenario can serve as a trigger for an upturn with buyers expected to come into the market to push price up. If TRX can hold above $0.08 over the next trading sessions, price could go as high as $0.1.
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.