TRON Marks a Bearish Divergence as it Consolidates Around $0.0138

  • TRON, at the time of writing, was trading at $0.0138 on Bitfinex
  • The intraday movement has led the coin to trade below $0.01400 and is currently exhibiting a declining momentum
  • TRX/USD trades with moderate volatility as the 20-day Bollinger Bands widen
  • Gains 200-day support from the daily moving average
  • The H&S formed can lead the coin to dip even more before it mounts to hit the resistance again

TRON (TRX) had been trading with a declining note after having soared to $0.0159 in the previous month, just before it climbed to $0.0147 earlier this week. TRX coin loses the imminent support from the short as well as medium-term moving averages.

TRON Price Analysis

TRX News
TRX/USD Chart By TradingView

Taking a glance at the 3-hourly movement of TRX/USD, we see that the coin has formed a Head and Shoulder pattern over the previous month. Currently, the price of TRX coin is seemed to form the final leg of the right shoulder triangle as it dips. The 20-day Bollinger Bands laid are seen widening and therefore, we foresee volatility in the upcoming days. The price of Tron is correcting below 10-day, 50-day moving average and Bollinger Band Basis. In the said time period, the coin has hit rock bottom at $0.0121 and the major support at present is at $0.01350.

Technical Indicators

Tron News

As per the TRON coin price prediction, the technical indicators laid confirm about the intraday bearish crossover as the MACD holds a bearish divergence as the signal line overrides the MACD line.

The RSI of the coin is at 44.05 and holds no trading extremities ta present but seems to be inclined towards the oversold support at 30.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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