TRON price analysis 27 May 2019TRON (TRX) is now being hijacked by the market sentiment, forcing it to depreciate as much as 15% relative to the US Dollar.
The coin started its fall from $0.032 and is currently struggling at $0.028 at press time after a small consolidation from $0.027.
As most of the altcoin market stands right now, TRX joins most of the ex-top earners in their journey to the bottom of the chart with very little bullish sentiment to speak of.
The RSI indicator has been showing below 30 levels for hours now, signaling the fact that most of the TRX trades are sell positions, indicating a market exit from the majority of TRX holders.
At the moment, everybody is either trying to stabilize their gains from the last surge by going for USDT or they’re risking it all with BTC market dominance, which is still to take shape.
There’s almost nothing that can support an individual coin at the moment as it seems that the bears have taken the market by storm.
Furthermore, the BTC market dominance is still in the positive, indicating relatively low trading volumes for most altcoins.
TRX does not show much potential before the altcoin season which is predicted to be much larger than in 2017.
At the moment though, all TRX can hope is that the major support level of $0.025 is not broken by the bears and bulls keep on challenging the $0.028 resistance.
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