Home
News
- 1 Tron price currently trades at $0.07596 while witnessing a gain of 0.45% during the intraday trading session.
- 2 TRX price has crossed 20 and 50-day exponential moving averages negatively.
- 3 The year-to-date return of Tron is 39.43% while the one-month return is -2.48%.
TRX price was in a strong uptrend, starting from mid-June to the end of July, rising from the low of $0.0699. On 30 July 2023, the cryptocurrency price finally broke the trendline in a downward direction and formed a support near $0.0725.
TRX price then regained bullish momentum to retest the highs of $0.08530. However, the momentum could not sustain and the move was halted at $0.07780.
After the rejection, the asset entered into a narrow consolidation zone ranging between $0.0778 and $0.0763. The previous candle was successful in closing below the consolidation zone.
The current candle is bullish, striving to form a support. If the current candle can break the low of the previous candle, it might head toward the next support level of $0.0725, causing a downfall of roughly 3.86%.
For the price to attain bullish momentum, it needs to rise above the $0.07780 level. A close above $0.07780 can provide slight confirmation regarding a bullish move.
Chain Activity of Tron
The daily active addresses (DAA) of Tron peaked on 14 June, reaching 3.78 Million after which there has been a drastic fall. The DAA has dropped 44.1% in the last three months, reaching 1,231,876.
The daily transaction also peaked on 12 June, rising to 13.79 Million. Currently, the daily transactions have dropped to 5,316,857 Million in the last three months.
However, the total value locked has witnessed a surge, rising 32.1% to $5438 Million since the start of 2023. TVL has been rising since 19 August. The DEX volume has also taken a hit in the last three months, dropping 52.2% to $3.2 Million.
Will TRX Price Fall to $0.0725?
The cryptocurrency price has slipped below 20 and 50-day EMAs, indicating a rise in bearish momentum. The Chaikin money flow (CMF) score has not dropped below the 0 mark since 22 August which demonstrates capital inflow in TRX.
Currently, CMF trades at 0.04, suggesting slight strength in the market. The relative strength index has been hovering near the 50 mark since 22 August 2023, implying the same pressure from both sides in the past few days.
However, the RSI has now reached 47.39 after the breakout, suggesting a rise in selling pressure. The long/short ratio is 0.97 with 49.35% longs and 50.65% shorts, signifying a higher position from the selling side in the last 24 hours.
Conclusion
The market structure and price action of Tron will turn bearish if the breakout sustains. Traders should track Bitcoin price movements and Tron correlations to optimize trade set-ups and minimize losses.
Technical Levels
- Major support: $0.07250 and $0.06990
- Major resistance: $0.07780 and $0.8530
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.
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.
