TRX Price Analysis: TRON bears wipe the floor with bulls

•TRX/USD is currently priced at $0.064 and has decreased by 2.15% over the past day

•The trading volumes have decreased by 1.89% over the past day 

•The technical indicators suggest a bearish outlook for the near term 

Short Term View: TRX bears regain ascendancy in the market

The TRON price today is $0.064131 USD with a 24-hour trading volume of $484,466,941 USD. TRON is down 2.15% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the Volume to Market Cap Ratio stands at 0.08173 for the altcoin.

The technical indicators for TRX paint a bearish picture and TRON needs to reclaim the psychological resistance of $0.07 in order to reclaim the faith of the investors and attempt another possible bullish rally. However, the chances of that happening appear slim as bears have taken over the market, as is demonstrated by TRX Price currently transacting below the 20,50 SMA on the four hour chart. The asset is in a downside and the support level placed at $0.06 is of utmost importance to the bulls as they attempt to arrest the slide and make a comeback in the market. 

Long Term View for TRX

The RSI for TRON is currently transacting at 40.85 after the asset failed to mount a sustained run in order to challenge the bears. The RSI line is showing divergence from the 14-day average line and is currently transacting below it. This spells trouble for the bulls who will be looking to target the resistance levels. The green histograms have given way over to the red bars on the daily chart as the bearish rally has picked up pace in the past few days. The bears have had a big say in the proceedings and have been able to shift the tides in their favor, as is indicated by the MACD and signal lines continuing to transact in the negative territory.

Conclusion 

TRON bulls have taken a backseat as of now, with the bears taking the lead in the market. The bulls have a monumental task at their hands as the altcoin struggles to come to terms with the intense selling pressure. Hence, the asset is likely to continue on its downward path in the days ahead.

Support: $0.06-$0.055

Resistance: $0.07-0.08

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 


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