Tron opened the market at $0.026 and has lost about 4 percent since the start of the market. This has been a continuation of a bearish move that started on 18th August and has seen the crypto losing value by over 16 percent. This is a reversal of a strong bullish move that had been running since 13th August, which had seen the crypto move from $0.019 to highs of $0.32 representing a 64 percent rise in the price of the cryptocurrency within a week.
Tron daily chart technical analysis
The daily chart shows that the market opened at 0.026 and is continuing with its downward trend, taking out yesterday’s lower lows, and creating new lows at the current price.
The chart shows that for two consecutive days between 17th and 18th, TRXUSD found resistance to its bullish move at the $0.032 level. The price has since pullback to the current price of $0.026, which is an 18 percentage point from the last highs in the chart.
The chart analysis shows that the pullback may be the beginning of a reversal. Technical analysis of the chart shows that it has broken new lower lows for previous days, and is pushing towards the $0.020 levels where the last support before the current bullish move was.
RSI and Bollinger band analysis
The RSI and Bollinger band technical indicators are also offering an important clue on where the crypto may be headed. On the daily chart, The 14 day moving RSI shows that it is already in the overbought region.
All indications by the RSI point to the dumping of cryptocurrency by investors, due to slowed down bullish momentum. The RSI also shows that there is a sell momentum, again confirming that the crypto many be headed for a big bearish move.
Bollinger band technical indicator shows that the price bars had moved outside the upper Bollinger band and hence offering a selling opportunity. The indicator also shows that the price is now aggressively pulling back to the inside of the upper Bollinger band, and this may mean that the crypto may be entering a reversal, that will see TRXUSD drop to $0.020 support levels in the coming days.