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- 1 Tron price is currently trading at $0.06838 while witnessing a loss of 5.03% during the intraday session.
- 2 TRX price trades below 20,50,100 and 200-day EMAs.
- 3 The year-to-date return of Tron is 25.54%.
Tron’s price is witnessing a strong bearish trend after breaking the support of $0.06730. In March, Tron started to form higher lows and entered into an uptrend. As Bitcoin has turned bearish amidst the SEC’s lawsuit, the price of altcoins have fallen sharply. In a span of two days, Tron’s price fell by nearly 15%.
Tron’s price is shattering all the support levels in its way. Tron price is currently headed toward the next support level of $0.065 and if bears are able to shatter the current support level, there is high probability that the price may head toward the $0.06 level.
The bearish momentum is high and even on the lower time frames, TRX price is not able to maintain a consistent support level. Bulls need to jump into the market to protect prices from falling lower. If the current momentum continues, TRX price might fall close to the yearly lows near the $0.052 level.
Tron Weekly Report
A recently released weekly report of Tron stated that it will now support 13 languages, demonstrating goals of international expansion. Tron’s blockchain height exceeded 51.66 Million. The total number of transactions on Tron reached 51.72 Billion. Total number of accounts reached 163 Million.
The current fall in price is due to the recent SEC lawsuit against a major crypto exchange which has induced a negative sentiment in the crypto market. Presently, it looks like there is no stopping the bearish momentum. The market leader, Bitcoin, is down by 3.3% and Ethereum is down by 4.34%.
Will Tron Price Fall to $0.06 Level?
TRX price has crossed the 20,50,100 and 200-day EMAs indicating strong bearish momentum. The chaikin money flow score is -0.27 indicating weakness in the market. However, the Relative Strength Index (RSI) has not reached the oversold zone yet which indicates that there is still room left for further downfall.
RSI is currently at 32.78 and if prices fall below the $0.065 support level, it will enter the oversold zone. There are no signs of bullish sentiments favoring the chance of even a short term pullback. TRX price is trading way below the lower band of the bollinger and there is no involvement of bulls. The long/short ratio is 0.91 with 48.26% longs and 51.74% shorts indicating higher selling pressure over the price in the last 24 hours.
Conclusion
The market structure and price action for Tron is strongly bearish and this momentum has already skyrocketed. Traders should be cautious before looking for bids. The fall for Tron has been more drastic than the fall during the FTX collapse. The technical indicators are favoring the seller side.
Technical Levels
Major support: $0.06 and $0.05730
Major resistance: $0.07 and $0.074
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
