TRX price plummets, aiming for $0.05

TRX price has printed large bearish candles on the 3-day chart
Tron price displays bearish control on the RSI.
Invalidation for the downtrend is a rally into the $0.08 zone.

TRX price is severely bearish. Hopeful investors could get themselves in trouble if market conditions sustain.

TRX price is still in a downtrend

TRX price may have fooled many analysts during March as the infamous Justin Sun token had a 30% counter-trend rally. Still, last week's breakout traders are likely to feel more disappointment as the current TRX price has yet to display uptrend confluence.

TRX price has printed the largest bearish engulfing candle within this month's rally, with a settled price of $0.065. Traders may be hopeful because there are Fibonacci retracement levels and moving averages around the current TRX price. However, analyzing the entire swing, there is no evidence to suggest any bullish strength. The bears have established the largest candles within the swing, signaling their control over the trend. The Relative Strength Index has also double topped in the sellers' territory.

TRX/USDT 3-Day Chart

TRX price should encourage traders to stay away. There will likely be some choppy price action around $0.065. A pullback with definitive chart patterns could warrant traders to look for a short aiming for $0.06 and the $0.05 swing low. Currently, there is not enough price action from the chart to provide an entry.

Invalidation for the bearish downtrend is quite drastic. The bulls will need to rally more than 27% into the $0.08 highs. If this occurs, our FX analysts will begin forecasting a trade setup to enter the pullback aiming for $0.09 and $0.10 TRX price.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram