Tron Price Analysis: TRX Is Now Back Below $0.055 Psychological Level
Daily TRON TRX Price Forecast
- TRX is on the verge of entering the oversold zone.
- Tron price flashed multiple sell signals in the 4-hour chart.
- The MACD shows increasing bearish market momentum.
- The parabolic SAR has flipped from positive to negative.
Since June 30, the Tron price crashed from $0.068 to $0.054 after encountering resistance at the 200-day SMA. During this drop, TRX flipped the 20-day SMA from support to resistance. Let’s take a closer look at what happened next.
Tron Price Flashes Sell Signals
Looking at the daily chart, we can see that the relative strength index (RSI) is hovering at the edge of the oversold zone (33). The Tron price could drop for a bit more before the buyers step back in.
Image: TRX/USD daily
In the 4-hour Tron price chart, TRX has flashed two sell signals.
Image: TRX/USD 4-hour
Tron Price Is Expected To Reach These Levels
The Tron price is dropping towards the $0.050 support wall. If the buyers manage to keep this line strong, they will be able to push TRX back up to the 20-day SMA ($0.065).