Tron Price Analysis: TRX Back In The Red, Slips Below $0.105

Daily Tron Price Forecast

Last Updated November 23rd 2021
3 Min Read
  • The Tron price fell back as it started the new week on a bearish note, down by over 3%. 
  • TRX had risen significantly over the weekend and ended Sunday at $0.106. 

The Tron price fell back today, as it started the current session in the red, with sellers forcing the price down by over 3%. TRX had made a strong recovery over the weekend after falling below the 50-day SMA on Thursday. The price pushed back above the SMA on Friday, rising to $0.104. The weekend saw the price maintain the positive sentiment, rising by 1.68% on Saturday and then by 0.94% on Sunday to end the previous week at $0.106. 

Tron Price Chart Indicates TRX Could Drop Below $0.102 

The Tron price started the previous weekend on a bullish note, as the price pushed up by almost 4% on Saturday, settling at $0.112. The price continued to push up on Sunday, rising by over 4% and ending the weekend at $0.117. Monday saw the bullish sentiment persist as TRX pushed up by almost 6%, moving up to $0.124. After rising to this level, the price fell significantly on Tuesday, as it dropped by over 11% and settled at $0.110.TRX made a marginal recovery on Wednesday despite the sharp fall as the price pushed up by 1.46%, settling at $0.111.

Image: TRX/USD daily chart 112321

Image: TRX/USD daily

After posting a marginal recovery on Wednesday, the Tron price fell significantly on Thursday, slipping below the 20 and 50-day SMAs and settling at $0.100, registering a drop of over 10%. However, the price recovered on Friday as it pushed back above the 50-day SMA after registering an increase of almost 4%. The weekend saw the bullish sentiment persist, as TRX pushed up by 1.68% on Saturday and by 0.94% on Sunday to end the weekend at $0.106. However, the price fell back during the current session, as sellers looked to push the price towards $0.100.

We can see that the Parabolic SAR has flipped to bearish, indicating that we could see the price drop during the current session.

Image: TRX/USD 4-hour chart 112321

Image: TRX/USD 4-hour

The 4-hour Tron price chart shows us that TRX had slipped below the 20-bar SMA on the 16th when the price dropped to $0.113. The price dropped further from this level, as it dropped below the 50-bar SMA and settled at $0.107. TRX pushed back up from this level, rising to $0.113, but could not push past the 50-bar SMA and dropped to $0.098, slipping below $0.100 and the 200-bar SMA. The price pushed back up from this level but could not go past the 200-bar SMA, which was acting as resistance. TRX stayed at around $0.105 until the 20th when the price pushed past the 20 and 200-bar SMA and settled at $0.109. However, with the 50-bar SMA acting as resistance at this level, the price dropped back below the 20 and 200-bar SMAs to its current level of $0.103.

We can see that the MACD is currently bullish, indicating the price could increase. However, if sellers take over the session, we could see it flip to bearish.

Tron Price Is Expected To Reach These Levels

Looking at the Tron price chart, we see that TRX has dropped significantly during the current session. If the current sentiment persists, we could see TRX drop to $0.102, where the price could find support.