Categories: Price Analysis

TRON (TRX) Lacks Momentum and Records 20% Intraday Dip

  • TRON, at the time of writing, was trading at $0.0104, after sliding from a weekly high at $0.0133
  • Amidst the ongoing volatility, TRX coin marked the weekly lowest at $0.00656
  • Currently, the coin has failed to retain support from the daily moving averages and lies below 38.20% Fib level
  • TRX/USD price trend kept accumulating until the start of the weekend, which further led to a weekly high of $0.01330

TRON price nosedives by 21% in just 2 days from the weekly high of $0.01330 and currently surrounds at $0.0104. Nonetheless, the whole crypto market has turned red as the global crises worsen due to the pandemic outbreak.

TRON Price Analysis

TRX/USD Chart By TradingView

Analyzing the TRX coin chart against the US Dollar on Binance, we see that the coin has experienced a notable downfall after a volatile break out in the previous week. Over the past 7 days, the Tron price trend has slid from 61.80% Fib Retracement Level to below 38.20%, leading to refraining support from the daily imminent 20-day and 50-day moving average. Undoubtedly, the price accumulation has shifted to the upper price zone after rising from the extreme support marked at $0.00656. Alongside, the price trend of TRX is hitting below the lower 20-day Bollinger Band, showing the emphasized bearishness.

The technical indicators are throwing out similar signals regarding the extended fall and bearishness that is prevailing as the MACD and signal line turn flat and appear slightly bearish sue to intraday fall.

Similarly, the RSI of the TRON coin is also lying at 36.71 and holds a strong possibility of hitting below the support at 30, if the price descends even further.

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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