The TRON price started draining gains and is witnessing a retracement move on the charts. Amidst the uptrend and the bullishness, the TRX price noted profit booking and has slipped below the 50-day EMA mark. In the previous session, crypto leaders, BTC and ETH, and most altcoins revealed a sudden drop. However, the trend is intact, and these dips must be considered a buying opportunity.
At press time, the TRON coin (TRX) price was trading at $0.1258 with an intraday drop of 3.33%, indicating profit booking in the overnight session. It has a monthly return ratio of 1.80% and 94.00% on a yearly basis. The pair of TRX/BTC is at 0.00000187 BTC, and the market cap is $11.26 Billion. Analysts are neutral and suggest the TRX coin price may face further decline and will retest the round mark of $0.1000 soon.
TRON Indicates a Reversal; Is It a Trap or a Price Correction?
The Tron coin (TRX) witnessed a decline with a drop in trading volume, signifying the profit booking after a massive rally from the bottom. However, this retracement or a price-wise correction is healthy for the coin to continue its bullishness. Amidst the retracement, the TRX price dropped only by 10%, which indicates a neutral sign. The trading volume declined by 20% to $316.36 this week, whereas the intraday volume rose by 56% to $716.56 Million.
Price Volatility Increased; Sentiments Remains Neutral
Following the retracement, the investors book their profits, whereas some traders make fresh positions. This activity led to an increase in volatility, and the curve rose by 7% to 0.020. However, the total weighted sentiment remains neutral, and the curve stays near the midline of -0.157.
TRX Witnessed A Drop in Social Volume and Dominance
The above data shows a decline in social dominance that replicates low activity on social platforms. The dominance curve fell 20% this week to 0.123%, whereas the social volume data declined by 80% to 35.
What Does Derivative Segment Indicate About TRX?
The above data indicates a price drop and suggests a short buildup activity, replicating that sellers are creating fresh positions and showing dominance. The change in the open interest was noted as a surge of over 3%. Following the price drop, the market cap declined to $11.23 Billion. The Relative Strength Index (RSI) curve slips to the oversold region, suggesting that a possible trend reversal may be seen shortly.
The total supply of the TRON coin is $89.45 Billion, whereas the volume-to-market cap ratio is 0.0637.
Summary
The TRON coin (TRX) price reveals profit booking from the highs, slipping below the 50-day EMA mark in the previous session. The sudden change in the price led to investors in trouble, and volatility was noted on the charts.
Technical Levels
Support Levels: $0.1200 and $0.1160
Resistance Levels: $0.1330 and $0.1450
