Tron Price Prediction: TRX Freefalls After Meeting Resistance
Daily TRON TRX Technical Analysis
- Previously, the Tron price had jumped by 145% between March 26 and April 5.
- TRX has flashed three separate sell signals in the 4-hour chart.
- The 20-day SMA has reversed from support to resistance.
- The parabolic SAR has flipped from bullish to bearish.
- The MACD shows increasing bearish market momentum.
Between March 26 and April 5, the Tron price had jumped by nearly 145%, going up from $0.055 and $0.135, reaching an intra-day high of $0.15. However, after meeting heavy resistance, TRX has since been under heavy bearish control.
Tron Price Approaching $0.10 Psychological Level
During the aforementioned jump, the relative strength index (RSI) had moved above 70, which tells us that the Tron price was heavily overvalued. The recent bearish correction, wherein TRX dropped from $0.135 to $0.105, ensured that RSI has moved back into the neutral zone.
Image: TRX/USD daily
Looking at the 4-hour Tron price chart, we can see that TRX had flashed three separate sell signals:
Image: TRX/USD 4-hour
Tron Price Is Expected To Reach These Levels
The Tron price is going to drop below $1 and reach the $0.93 support line.