Tron Technical Analysis: TRX downside capped at $0.024
- TRX has dropped by 37.5% over the last three weeks.
- The 4-hour price has failed to have a bullish breakout from the descending wedge pattern.
TRX is priced around $0.025 as the bears managed to eke out an advantage this Wednesday. Over the last three weeks, the price has dropped from $0.04 to $0.025, charting a 37.5% drop in valuation.
TRX/USD daily chart
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Two days back, the price had a bearish breakout from the descending triangle formation. The price is currently negotiating with resistance at the downward trending line. The MACD shows sustained bearish momentum, so further negative movement is expected.
TRX/USD 4-hour chart
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The 4-hour price chart has formed a descending wedge pattern. The price has failed to have a bullish breakout from this pattern. After losing steam at the downward trending line, the price has dropped from $0.026 to $0.025, breaking below the SMA 20 curve in the process. The RSI is hovering around 39, so it still has some more room to move before it drops to the oversold level. The price can fall to $0.024 before it drops to the oversold zone.
TRX/USD hourly chart
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The hourly TRX chart shows that the asset is crumbling under selling pressure in the short-term. With six straight bearish sessions, the price has broken below the SMA 20 and SMA 50 curves.
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Author
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.
