Tron Technincal Analysis: TRX Looks To Drop Towards 200-day SMA
Daily Tron TRX Price Analysis
- Tron price has charted a bearish cross with the 50-day SMA crossing over the 20-day SMA.
- The MACD in the 4-hour chart shows sustained bearish market momentum.
The Tron price has lost half of its valuation since May 7. During this time period, TRX has crashed from $0.152 to $0.076. During this downward surge, TRX managed to flip the 20-day and 50-day SMAs from support to resistance. Let’s take a closer look with technical analysis.
Tron Price Charts Bearish Cross
Looking at the daily Tron price chart, TRX has flashed two separate sell signals. Firstly, the parabolic SAR indicates negative market sentiment, and secondly, the 50-day SMA has crossed above the 20-day SMA to chart bearish cross pattern. The relative strength index shows that TRX still has space to crash before it becomes oversold.
Image: TRX/USD daily
In the 4-hour Tron price chart, the MACD shows sustained bearish momentum so a further drop is in the cards. According to the TD sequential detector, TRX could have three more bearish candlesticks before flashing the bullish red-nine candlestick.
Image: TRX/USD 4-hour
Tron’s Justin Sun Look To Become Gargantuan Ethereum Whale
Justin Sun, the CEO of TRON, recently revealed that he is an ETH whale. He took to Twitter to note that he purchased 54,153 Ethereum worth $135,891,796.
The announcement came as a surprise to some people because of the perceived network rivalry between TRON, Ethereum, and both the founders. On the same day, Sun also stormed the Bitcoin market and bought 4145 Bitcoins worth $152,818,183 million.
The TRON CEO has shown himself to be very committed to putting acting on the philosophies he advocates. Earlier this month, Sun offered Elon Musk a whopping $50 million to help create a Tron satellite after Musk revealed the first Doge satellite was going to the moon.
According to DeFi personality Shenyu, Justin Sun holds a 606,000 Ethereum position worth $1 billion on the Ethereum-based LiquidityProtocol. According to a Zcrypto report, a source who followed the market carefully said:
There was about a 2-minute window where LiquityProtocol went into recovery mode and Justinsuntron’s $1B dollar position could’ve been liquidated, but it didn’t happen. He just rebalanced his Trove 5 minutes ago, paying $300m back of debt.
Tron Price Is Expected To Reach These Levels
The Tron price is bearish and is likely going to drop some more. The 200-day SMA seems to be the next target for the bears.