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•TRX/USD is currently priced at $0.053 and has increased by 0.29% over the past day
•The trading volumes have decreased by 21.51% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: TRON Price weakness paves the way for bears to enter the market
The TRON price today is $0.053876 USD with a 24-hour trading volume of $190,937,293 USD. TRON is up 0.29% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.03855 for the altcoin.
TRX Price action over the past few days has led to some stability being restored in the market, however the momentum is still firmly sided with the bears. The bears have ran rampant in the market and have successfully navigated their way through the cracks. The TRON price is currently transacting below the 20,50 SMA on the four hour chart which is indicative of the bearish trend at play and a move below the $0.040 mark would further incentivize the bears in the coming days. The resistance, on the other hand, is placed at $0.07 at the other end of the spectrum.
Long Term View for TRON
The RSI for TRON has declined over the past few days and is currently transacting at 48.72 after tumbling below the halfway mark. With the emergence of the bears in the market, the green histograms have given way over to the red ones on the daily chart. The MACD and signal lines are also transacting in the negative zone which solidifies the bearish resolve.
Conclusion
TRX is currently standing on its last legs as the bears have overpowered their way through the market, knocking down any and all the doors along the way. The next couple of days will be crucial for the TRON bulls to arrest the slide.
Support: $0.040
Resistance: $0.070
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
