- Tron is pivotal at $0.025 as recovery from the recent support at $0.02340 loses steam.
- TRX/USD is looking towards a potential slump eyeing $0.02340 due to the strengthening bearish grip.
Tron price has been dealing with an increase in selling activity since it hit a wall at $0.3255. The losses were unstoppable at $0.03 which allowed the bears to increase their grip on the price, leading to a breakdown under $0.025. Support was then embraced at $0.02340, giving way to a weak reversal that continues to struggle above $0.025.
Consolidation is likely to take precedence in the coming sessions especially if the trend of the RSI is considered. The indicator has sustained sideways trading at the midline since August 21. Unfortunately, building the bullish momentum has been an extremely difficult task mainly due to lack of enough volume. Moreover, the entire market has slowed down for the past three days. For instance, Bitcoin is stuck under $12,000 while Ethereum is struggling to hold onto the support at $400.
Looking at the MACD in the daily range, TRX is poised for a downward price action, likely to retest the recent support at $0.2340. There is a bearish divergence from the MACD highlighting seller dominance. Besides, Tron bulls are unable to sustain gains toward $0.03, at least for now.
In other words, a slide to lower levels would help create more demand as investors rush in to buy low. The increase in volume would also pull TRX into a reversal with $0.30 being a medium term target.
TRX/USD daily chart
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