Tron Price Prediction: TRX Continues To Fall As Sellers Push Price Towards 20-Day SMA
Daily TRON TRX Price Analysis
- The Tron price is showing signs of recovery as the price pushed up slightly during the current session.
- TRX turned bearish on Sunday when the price recorded a fall of almost 5%.
The Tron price remained in the red, as it fell marginally during the current session, although we could see buyers trying to push the price back up towards the 50-day SMA. TRX had a reasonably bullish run until the weekend. After rising by over 5% on Saturday, TRX registered a significant fall on Sunday, falling to $0.097 after registering a fall of over 4.75%. The price remained bearish on Monday as well, registering a marginal drop before slipping by $1.43% on Tuesday.
Tron Price Chart Indicates TRX Could Drop Towards 20-Day SMA
The Tron price has been bullish for most of October but has seen the tide turn in recent sessions. After a mixed weekend that saw the price drop by 1.53% on Saturday (2nd) and then rise by 2.22% on Sunday, TRX found itself back in the red on Monday as the price dropped to $0.093, with the 20-day SMA pushing the price down. However, the price recovered on Tuesday, rising by 2.94% and settling at $0.096. On Wednesday and Thursday, the price remained relatively static, registering a marginal drop and a marginal increase, respectively.
Image: TRX/USD daily
The Tron price then rose by 2.56% on Friday, entering the weekend on a positive note, with the price pushing even further on Saturday, increasing by over 5% to move to $0.102. However, the price turned bearish after this point, registering a drop of 4.75% on Sunday, dropping below $0.100, and settling at $0.097. The price remained bearish as TRX started the current week, registering a marginal drop on Monday before registering a drop of 2.15% on Tuesday. Currently, we can see that TRX is at $0.093, and while the Parabolic SAR has already flipped to bearish, if the price continues to drop, we could see the MACD also flip to bearish.
Image: TRX/USD 4-hour
Looking at the 4-hour Tron price chart, we can see that TRX had stayed below the 200-bar SMA since the start of October. The price pushed past the SMA on the 8th, when it rose to $0.098. The price then rose to $0.105 on the 9th, thanks to the bullish cross between the 20-bar SMA and the 200-bar SMA, before falling to $0.100 and then slipping below the 20-bar SMA, settling at $0.097. With the 20-bar SMA now acting as resistance, the price rose to $0.100 but was pushed down to $0.093, slipping below the 50-bar and 200-bar SMA as well. With the Parabolic SAR and the MACD both bearish, we could see TRX fall even further.
Tron Price Is Expected To Reach These Levels
The Tron price chart shows us that TRX has taken a bearish turn after the weekend, with sellers pushing the price down significantly. With the current session also in the red, it remains to be seen if the price falls below the 20-day SMA at $0.093 or recovers from this point.