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•TRX/USD is currently priced at $0.063 and has decreased by 2.60% over the past day
•The trading volumes have increased by 18.70% over the past day
•The technical indicators suggest a hawkish outlook for the near term
Short Term View: TRON price action favors the bears
The TRON price today is $0.063162 USD with a 24-hour trading volume of $855,211,001 USD. TRON is down 2.60% in the last 24 hours. The trading volumes have increased by 18.70% over the past day amid increased selling activity from the sellers. The Volume to Market Cap Ratio stands at 0.1332 for the altcoin.
Looking ahead, technical analysis for TRON suggests that the altcoin still has further to fall before it may start to begin a meaningful reversal. Firstly, the four-hour time frame shows the altcoin transacting below the 20,50 SMA, with the pattern holding a downside projection that would take the asset towards the $0.058 level. On the flip side, the resistance for TRON resides at $0.071 in the event of the bulls staging a comeback. The altcoin is transacting significantly below it’s all time high of $0.3004 which it clocked on Jan 05, 2018.
Long Term View for TRON
The technical indicators for TRON suggest a hawkish outlook. The RSI is currently transacting at 47.77, thus giving off a neutral signal. The MACD and signal lines,on the other hand, are negative. Moreover, a bearish crossover by the MACD line over the Signal line could occur on the daily chart. Thus, the overall market momentum looks bearish for the rest of the day ahead, with the cause if the bears further fuelled by the histograms turning red.
Conclusion
By analyzing the trend on the daily chart, TRON is found harboring a strong support zone around $0.058. The slump is the result of the entire crypto market meltdown and hence the prices are likely to continue falling in the days ahead.
Support: $0.058
Resistance: $0.071
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
