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.
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.
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.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.
This post was last modified on September 24, 2020 2:29 am
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