Tron Price Analysis: TRX Is Falling Towards The $0.084 Support Wall

Daily TRON TRX Price Forecast

Last Updated August 23rd 2021
3 Min Read
  • Tron price has 2 bearish days in a row.
  • TRX volatility is decreasing in the 4-hour timeframe.

Over the last two days, the sellers have retaken full control of the Tron price and dropped it from $0.090 to $0.087. Due to this drop, TRX has reversed the MACD from green to red, with the market momentum turning negative for the first time since July 23. Let’s take a closer look.

Tron Price Daily Chart Forms Bearish Cross

Looking at the daily Tron price chart, TRX dropped from $0.093 resistance to $0.084 support between August 16 and August 18 – reversing the parabolic SAR from positive to negative. Following that, the buyers pushed up TRX to $0.091 before the aforementioned correction happened.

Image: TRX/USD daily

TRX/USD daily chart 082321

After a fairly bullish few sessions, Tron encountered resistance at 0.090, a price point that it repeatedly tried to breakthrough. However, bearish sentiment took over and the price fell, first to 0.088, and then falling further to 0.087. The price found support at 0.087 and staged a recovery, hitting 0.089 before bearish sentiment took over again, pushing the price down to 0.086.

As we can see from the Simple Moving Average graph, we see that the sellers have taken over both the 20 and 50 bar SMA. Tron encountered strong resistance at the 0.090 price point, which it failed to break through, pushing the price down to the support level of 0.087. However, with the bearish sentiment prevailing we have seen the support price give way, with the price falling below 0.087, settling at the current 0.086. 

Currently, it is the bears in control of the market, after a fairly sustained bullish run. The bears managed to bring the price down from 0.093 to 0.086, flipping the Parabolic SAR from negative to positive, resulting in ongoing market sentiment. To flip the market back to positive sentiment, buyers will need to take over the 0.095 price point. 

If we look at the MACD indicator, we can see that TRX flipped the bearish sentiment, entering a period of sustained bullishness, starting on the 23rd of July, 2021 to the 21st of August. However, we see that market sentiment has flipped back to bearish, with the MACD indicator indicating a reversal in the trend of the market. 

Looking at the RSI index, we see that TRX was above the neutral zone between 10th August and 16th August, indicating that a correction was on the cards, and sure enough, the RSI fell to 64 by the 18th of August. Currently, the RSI value for TRX is 61.67

Image: TRX/USD 4-hour

TRX/USD 4-hour chart 082321

Justin Sun Brags About Buying A Rock

Just after the canine coin mania, people are now spending thousands of dollars on some cartoonish drawings of rocks, issued as non-fungible tokens on the Ethereum blockchain in 2017. Justin Sun, the CEO of Tron, has recently announced that he has now become the proud owner of EtherRock87. This purchase was a part of a 100-image series and has set him back at around $611,170. He has also updated his Twitter profile picture to that of a rock with “laser eyes”.

The price for the image of a mere grey-colored rock is now over $1 million. Some crypto billionaire’s followers have expressed their opinion highlighting how out of touch the crypto industry is with the real world. 

Sun has a record for flaunting his riches. In February 2020, he had paid $4.5 million for a dinner with Berkshire Hathaway Warren Buffett. He also attempted to make headlines by buying Beeple’s record-shattering $69.3 NFT, which was outbid by the auction winner. 

On the contrary, the idea of making a bank with a bunch of rocks dates back to 1975. The owners of the popular EtherRock collection paid homage to Gary Dahl, an advertising agency owner. He made a fortune by selling rocks as pets with his excellent marketing skills. However, the latest NFT fad is limited to a group of crypto moguls who want to exhibit their exorbitant wealth by jumping on the latest trend. 

Tron Price Is Expected To Reach These Levels

The Tron price could drop to the $0.084 support wall. It could then bounce up from this and retest the $0.090 psychological level again.

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