- The Tron price is down by over 5% during the ongoing session, as bearish sentiment drove the price down significantly.
- TRX has been relatively bearish during the ongoing week and had dropped by almost 5% on Monday.
The Tron price fell back in the red during the ongoing session, as sellers forced TRX down considerably. TRX had started the week on a bearish note, dropping by almost 5% on Monday. On Tuesday, the price recovered, pushing up by almost 6% and settling at $0.062. However, TRX fell back in the red on Wednesday, falling by 3.29% and dropping to $0.060, and then dropped below the $0.060 level during the ongoing session.
Tron Price Chart Indicates TRX Could Drop To $0.055
The Tron price started the previous week on a fairly positive note, registering a marginal increase on Monday and then pushing up by over 4% on Tuesday, moving past the 50-day SMA and settling at $0.067. The price fell back from this level, dropping by 0.88% on Wednesday and then falling by over 6% on Thursday, falling below the 20 and 50-day SMAs and settling at $0.062. Despite the bearish sentiment, TRX was able to make a recovery on Friday, pushing up by 0.56%.
Image: TRX/USD daily
The Tron price continued to push higher on Saturday, rising by almost 2% and moving to $0.063. However, the price fell back on Sunday by 2.51% and settled at $0.062. Monday saw the bearish sentiment persist, as TRX fell by 4.69% to $0.059 before making a strong recovery on Tuesday, pushing up by almost 6% and settling at $0.062. However, Wednesday saw ADA back in the red, dropping to $0.060 and then dropping below the $0.060 level during the ongoing session.
We can see that the MACD is currently bearish, indicating that we could see the price drop further.
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Image: TRX/USD 4-hour
Looking at the 4-hour Tron price chart, we can see that TRX had pushed up to $0.064 on the 19th. At this level, the 20-bar SMA was acting as resistance, and the price fell back significantly, dropping below the 200-bar SMA and settling at $0.061 on the 20th. TRX was able to make a strong recovery from this level, pushing above the 200 and 20-bar SMAs and moving to$0.063. However, the price could not stay at this level and fell back significantly, dropping back below the 200 and 20-bar SMAs and settling at $0.059 on the 22nd. TRX surged back up to $0.063, moving past the 20 and 200-bar SMAs, but with the 50-bar SMA acting as resistance, TRX fell back below the two SMAs to its current level of $0.056.
We can see that the MACD has just 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 registered a sharp drop during the ongoing session, as sellers dominate the market. If the current sentiment persists, we could see TRX drop to $0.056.
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