Tron Price Prediction: TRX Gets Off To A Bearish Start, Slips To $0.057

Daily Tron TRX Technical Analysis

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Last Updated February 1st 2022
3 Min Read
  • The Tron price is currently down by over 3%, as it started Monday in the red. 
  • TRX had made a fairly strong recovery during the previous week and had pushed up by over 5% on Saturday. 

The Tron price slumped back in the red as it failed to push to $0.060 over the weekend, instead dipping down to $0.056 during the ongoing session, with sellers in control. TRX had been fairly positive during the previous week, registering an increase of 1.49% on Friday. On Saturday, the price continued to push up, rising over 5% and moving to $0.060. However, the price fell back after reaching this level, dropping by 2.52% on Sunday and ending the weekend in the red before dropping further during the ongoing session. 

Tron Price Chart Indicates Sellers Looking To Push TRX To $0.055 

The Tron price was quite bearish during the previous weekend, falling over 10% on Friday. The price continued to drop on Saturday, dropping nearly 7% to $0.056, before recovering on Sunday and rising by 1.52%, settling at $0.057. However, Monday saw TRX back in the red, as it fell by 4.56% to $0.055 before making a fairly strong recovery on Tuesday and rising to $0.056, an increase of over 2%. Wednesday saw TRX remain in the green, as it registered a marginal increase, rising by 0.23%.

Image: TRX/USD daily

Image: TRX/USD daily chart 020122

The Tron price managed to remain in the green on Thursday as well, registering a marginal increase of 0.36%. Friday saw a slightly more significant increase, as the price rose by 1.49% and moved to $0.057. The weekend started with TRX rising by over 5% on Saturday, moving to $0.060, before falling back on Sunday, dropping by 2.52%, and falling to $0.058. TRX is hovering between $0.056 and $0.057 during the ongoing session as sellers look to push the price lower.

We can see that the MACD is bullish, but if the price continues to drop, we could see it flip to bearish.

Image: TRX/USD 4-hour

Image: TRX/USD 4-hour chart 020122

The 4-hour Tron price chart shows us that TRX had dropped to $0.052 on the 24th. However, TRX made a strong recovery from this level, rising to $0.055 and then pushing above the 20-bar SMA and moving to $0.057 on the 26th. After reaching this level, the price fell back below the 20-bar SMA, dropping to $0.054, before recovering and moving back above the 20-bar SMA, rising to $0.056. With the 20-bar SMA now acting as support, TRX was able to push higher, moving to $0.057 on the 29th and then pushing above the 50-bar SMA and rising to $0.060 on the 30th. However, the price fell after reaching this level, slipping back below the 20-bar SMA and moving to its current level of $0.057.

We can see that the Parabolic SAR and MACD have flipped to bearish, indicating that we could see the price drop further.

Tron Price Is Expected To Reach These Levels

Looking at the Tron price chart, we can see that TRX has gotten off to a fairly bearish start to the week. If the current sentiment persists, we could see TRX drop to $0.055 before recovering.