Tron Price Analysis: TRX Crashes Towards The $0.05 Psychological Level

Daily TRON TRX Price Forecast

Last Updated July 23rd 2021
1 Min Read
  • Tron price is oversold in the 4-hour chart.
  • The MACD in the daily chart has reversed from bullish to bearish.
  • The Tron price crashed from $0.082 to $0.0505, losing nearly 37% in its overall valuation between June 4 and June 21. During this drop, TRX faced resistance multiple times at the 20-day SMA and then managed to break below the 200-day SMA.

    Tron Price Slightly Rises As Bulls Attempt Recovery

    Following five consecutive bearish days, the Tron price experienced a bullish respite as TRX jumped back up to $0.056. There are three more negative signs which indicate that Tron could drop some more.

    1. The MACD shows increasing bearish market momentum.
    2. The 200-day SMA is about to cross over the 20-day SMA to chart the bearish cross.
    3. The TD sequential detector shows that TRX could drop for three more sessions before it flashes the red-nine candlestick.

    Image: TRX/USD daily

    TRX/USD daily chart 062421

    In the four-hour Tron price chart, TRX has actually flashed quite a lot of buy signals. The buyers have taken control for seven straight sessions. The parabolic SAR has reversed from negative to positive. The relative strength index shows that if the buyers do take control, they have a lot of room to go. However, this seems far-fetched for now.

    Image: TRX/USD 4-hour

    TRX/USD 4-hour chart 062421

    Tron Price Is Expected To Reach These Levels

    While the buyers have fought back admirably at the $0.050 psychological level, the overall sentiment still appears negative. The sellers should take back control and drop back TRX below $0.050.

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