Tron Price Prediction: TRX Off To A Bearish Start, Slips Below $0.060

Daily Tron TRX Technical Anlaysis

By
Last Updated February 23rd 2022
3 Min Read
  • The Tron price is marginally down during the ongoing session after it had dropped below $0.060 on Monday. 
  • TRX has had a fairly negative start to the week and had dropped by almost 5% on Monday. 

The Tron price remained in the red during the ongoing session as sellers continued to push the price down. TRX was fairly positive heading into the weekend, registering a marginal increase on Friday before pushing up by 1.59% on Saturday, moving to $0.063. However, TRX fell back on Sunday, ending the weekend at $0.062. The bearish sentiment persisted on Monday, with TRX slipping below $0.060, dropping to $0.059. 

Tron Price Chart Indicates Buyers And Sellers Looking To Establish Control 

The Tron price started the previous weekend in the red, registering a marginal drop on Saturday before recovering on Sunday and reporting an increase of 0.45%. With the 20-day SMA acting as support, TRX was able to push higher on Monday, registering a marginal increase, before rising over 4% on Tuesday, pushing above the 50-day SMA and settling at $0.067. However, the price fell back on Wednesday, registering a marginal drop, before slipping below the 50 and 20-day SMAs on Thursday and dropping to $0.062 after a fall of over 6%.

Image: TRX/USD daily

Image: TRX/USD daily chart 022322

Despite the bearish sentiment, the Tron price registered a marginal increase on Friday before pushing up by almost 2% on Saturday, rising to $0.063. At this level, the 20 and 50-day SMAs came into play as resistance, and TRX fell back, dropping by 2.56% on Sunday and ending the weekend at $0.062. The price continued to drop on Monday, as the price dropped by nearly 5%, slipping below the $0.060 level, and then registered a marginal drop during the ongoing session.

We can see that the MACD is currently bearish, indicating that we could see the price drop further.

Check Out: TRON (TRX) Price Prediction

Image: TRX/USD 4-hour

Image: TRX/USD 4-hour chart 022322

Looking at the 4-hour Tron price chart, we can see that TRX had dropped to $0.065 on the 17th, slipping below the 20 and 50-bar SMAs. TRX continued to drop from this level, dropping to $0.063 and then falling below the 200-bar SMA and settling at $0.062. TRX was able to push back above the 200-bar SMA, rising to $0.063, before falling back below the SMA and back to $0.062. The price made a fairly strong recovery from this level, rising to $0.064 after pushing past the 200-bar SMA. The 20-bar SMA came into play as resistance, and the price fell back, falling back below the 200-bar SMA and settling at $0.061 on the 20th. TRX made a fairly strong recovery from this level, pushing above the 20 and 200-bar SMAs and rising to $0.063, before turning bearish, dropping back below the two SMAs and moving to its current level of $0.059.

We can see that the Parabolic SAR and MACD are both bearish, indicating that we could see the price push lower.

Tron Price Is Expected To Reach These Levels

Looking at the Tron price chart, we see that TRX has been quite bearish during the week. If the current sentiment persists, TRX could drop below $0.059. However, if the price can recover, it could move back to $0.0

Read More: 

How To Trade TRON (TRX): A Step-by-Step Guide

What is TRON? A Beginner’s Guide to TRON and Tips for Investing in TRX

Could Tron Be A Millionaire Maker?

Tron (TRX) Price Prediction for 2025 and 2030