Tron (TRX) Analysis: Tron Stock Price Vulnerable For Negative Breakout Below $0.030

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  • Tron Stock price faced negative momentum during the current market session resulting in vulnerability for a negative breakout below $0.030 which can be a bearish indication
  • The TRX/BTC pair is also trading negative with a loss of -5.65% bringing the current level to 0.00000074 BTC 

Tron Stock Price Takes Bearish Turn Amid Altcoins Having Bullish Rally 

Source: Coinmarketcap

The weekly performance chart of Tron stock price suggests that the levels are facing complications to sustain above the major resistance mark of $0.030. During the current market session, the price levels looked exposed to face a negative breakout. On the monthly chart, the price levels also faced difficulty to have a positive breakout above the resistance mark. The CMP is placed at $0.03056 with an overall loss of -5.57% bringing the market capitalization to $2,199,232,947 resulting in a decline of -6.12%. The 24-hour volume traded has reached $2,090,973,220 causing an incline of 1.31%. 

TRX Showcases Bearish Nature After Testing Resistance Zone 

Source: Tradingview

The technical chart of Tron stock prices highlights the multiple attempts to test the resistance trajectory during the ongoing bullish wave in the overall market conditions. However, the crypto asset has faced strong negative reversals from the 0.5fib level. A negative breakout below 0.786 can surely be a bearish indication and the levels might test the neutral line of the retracement table in the upcoming trading sessions. 

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The relative strength index (RSI) is showcasing sustainability within the normal region with the current level of 58.42. 

The moving average convergence & divergence (MACD) faced a bearish crossover above the signal line suggesting that the bears might have made a comeback for the crypto asset. 

The directional movement index (DMI) is also showcasing bearish nature as ADX remains below -DI. 

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Resistance level: $0.035 & $0.033

Support level: $0.026  

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.

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