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- The TRON token price is trading below the demand zone on a daily time frame.
- The pair of TRX/USDT is trading at the price level of $0.054 with a gain of 0.19% in the past 24 hours.
On a daily time frame, TRON is trading below its demand zone. It is consolidating for a while after breaking through the demand zone, with long wicks forming on the lower and upper side. Bulls and bears are fighting, and we might see a breakout in any direction depending on who wins the fight.
TRON trades below demand zone on the daily chart
Token is consolidating in a range and we cannot say in which direction the token will continue to trade until it breaks out of the consolidation zone. TRON is now trading at $0.054, up 0.19% in the last 24 hours, as shown on the daily chart. The token is trading between its key Moving Averages (50 and 200 EMA). (Red line is 50 EMA and the blue line is 200 EMA). TRON has faced rejection from upper and lower sides as well indicating a strong battle between the bulls and bears.
Relative Strength Index: The asset’s RSI curve is presently trading at 55.03 level above the 50-point halfway point. The RSI curve has crossed the 14 SMA in upward direction. We should ignore bullish indicator signals until the token breaks out of the consolidation zone as they could be false. If the token breaks out of consolidation and moves upward, the RSI curve value will rise even further.
Analyst view & Expectations
Since the token is consolidating in a range, we don’t know which direction it will break out in. Investors are advised not to buy now and to wait for the token to break out of the consolidation so that we can get further confirmation on the trend’s direction. Intraday traders, on the other hand, have a good opportunity to trade when the token breaks out of the consolidation zone.
According to our current TRON price forecast, the value of TRON is expected to fall by -1.27% and hit $ 0.054870 in the coming days. Our technical indicators indicate that the current sentiment is Neutral, with the Fear & Greed Index reading 26. (Fear). TRON had 15/30 (50%) green days with 1.75% price volatility in the previous 30 days. According to our TRON forecast, now is not the time to buy TRON.
Technical Levels
Major support: $0.049
Major resistance: $0.056
Conclusion
On a daily time frame, the TRON token price has dropped below the demand zone. TRON token price is building a bearish chart pattern, according to price action. Investors should wait for a clear indication before acting.
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
