- Tron price dropped beneath the $0.030 and $0.028 anchor zones
- TRX/USD pair trading forming a bearish trend line
- Bearish momentum could possibly extend beyond $0.025
Tron price analysis in last 24 hours
Tron price action is presently trading in a bear market. The bear market will possibly extend past the $0.0250 price level as far as the TRX/USD pair is trading under $0.0280.
The TRX/USD pair opened the day below the $0.025 critical level, reaching $0.02464 but has since moved to a higher level where it is currently trading. The pair has been trading near the $0.025 zone for the better part of today reaching a daily high of $0.025976 registering a 4.3 percent change as of the time of writing.
TRX/USD 4-hour chart
Tron price action has been trading along a bearish trendline for the past couple of weeks. As of now, there are no signs of the cryptocurrency moving in a positive zone, and the bearish market seems to be spreading further. Notably, TRX price is connected to the price of BTC, which is also trading in a bear market. Tron price, similar to most other altcoins, seems to follow the market movements of bitcoin.
The TRX bulls attempted to clear past the $0.030 major resistance zone before being overpowered by the strong selling pressure triggering a bearish trend for the TRX/USD pair. Tron price sunk from a high of $0.02980 following the rejection clearing both $0.03 and $0.028 anchor levels.
The bearish trend gathered momentum after clearing the $0.028 support and 55-SMA of the TRX/USD 4-hour chart. Additionally, the pair slid below the $0.0250 support to create a fresh monthly low near $0.02474. The coin is consolidating losses above the $0.025 price level.
The pair will suffer the first rejection near the $0.026 price level, and the 23.6 percent Fib retracement level of the latest bear run from $0.0298 swing highs to $0.02474 swing lows. For Tron price to initiate a good recovery run, it needs to clear the $0.0280 sell-off zone first. The next main rejection zone is near $0.030.
Tron price prediction
If the TRX/USD trading pair fails to clear the rejections near $0.0262 and $0.0285, there is a possibility of further decline. The next critical support can be found near the $0.0246 price level. If bears manage to push Tron price further down past the $0.0246 support, the crypto could likely test $0.0220 or even the $0.0200 support zone.
The TRX/USD pair is trading below the $0.062 price level as the chart above indicates, and the 55-SMA (4-hour). Generally, Tron is in danger of further decline past the $0.025, and $0.022 supports levels in the foreseeable future.
Contrastingly, if the TRX/USD pair can manage to clear the major $0.030 resistance, it would trigger a buy signal paving way for the price to reach $0.035 or even beyond. Moving clear off the $0.035 would provide the bulls with an opportunity for bulls to test $0.040.
Tron is constantly building new partnerships to boost its presence while driving its adoption. The major blockchain network recently collaborated with blockchain-based aggregator, 1inch.exchange to back TRC-20 tokens. The new deal is the first key collaboration that will boost the growth of the Tron network, while enhancing price confidence for traders.
