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Tron Price Analysis: TRX/USD drops back inside the triangle formation

  • TRX/USD dropped below the SMA 20 curve.
  • MACD shows increasing bearish momentum.
  • Elliott Oscillator has had eight straight red sessions.
Tron Price Analysis: TRX/USD drops back inside the triangle formation
Rajarshi MitraRajarshi MitraIndependent Analyst

TRX/USD daily chart

TRX/USD daily chart

TRX/USD bears took control of the market following three consecutive bullish days as the price dropped from $0.0176 to $0.01713. The MACD shows increasing bearish market momentum, while the Elliott Oscillator has had eight straight red sessions. Both these indicators show that current market sentiment is overwhelmingly bearish. The price has dropped below the SMA 20 over the day and fallen back inside the triangle formation.

Support and Resistance

TRX/USD faces strong resistance levels at $0.0.176, $0.0175 (SMA 20) and $0.0181. On the downside, healthy support lies at $0.01698, $0.01687 (SMA 50) and $0.0166. 

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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