Tron Price Prediction: TRX Tumbles Below $0.060 After Bearish Weekend

Daily Tron TRX Technical Analysis

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Last Updated February 28th 2022
3 Min Read
  • As buyers and sellers look to establish control, the Tron price is marginally down during the ongoing session. 
  • TRX has been relatively bearish over the weekend and had dropped by almost 3% on Friday.  

The Tron price is back in the red during the ongoing session, as bearish sentiment returned to the markets. TRX had dropped by over 3% on Wednesday, falling to $0.060, before making a recovery of 1.15% on Thursday, rising to $0.061. However, Friday saw TRX back in the red, with the price falling to $0.059. The weekend saw TRX remain in the red, with TRX registering a marginal drop on Saturday and with the price currently down by 0.28% during the ongoing session. 

Tron Price Chart Indicates TRX Could Slip Below $0.059 

The Tron price entered the previous weekend on a fairly positive note, registering an increase of 0.56% on Saturday. The weekend saw TRX register an increase of 1.59% on Saturday before falling back on Sunday, falling by almost 3% and settling at $0.062. Monday saw the bearish sentiment intensify, with the price dropping by nearly 5% to $0.059. However, TRX made a strong recovery on Tuesday, pushing up by almost 6% and moving to $0.062.

Image: TRX/USD daily

TRX/USD daily chart 022822

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After a strong recovery on Tuesday, the Tron price fell back in the red on Wednesday, falling over 3% and settling at $0.060, before recovering on Thursday, rising by 1.15% and settling at $0.061. However, Friday saw bearish sentiment return, with TRX falling by almost 3% after a highly volatile session that saw significant price swings. The price remained bearish over the weekend, registering a marginal drop on Saturday. Currently, TRX is at $0.059, buyers and sellers look to establish control.

We can see that the MACD is currently bearish, indicating a drop in price. However, if TRX can recover, we could see the price push higher.

Image: TRX/USD 4-hour

TRX/USD 4-hour chart 022822

The 4-hour Tron price chart shows us that TRX had dropped to $0.059 on the 22nd. TRX made a strong recovery from this level, surging past the 20 and 200-bar SMAs and rising to $0.063. At this level, the 50-bar SMA was acting as resistance, and the price fell back significantly, dropping back below the 20 and 200-bar SMAs and settling at $0.057 on the 24th. TRX made a strong recovery from this point, pushing back above the 20-bar SMA, rising to $0.061. However, it was unable to push past the 200 and 50-bar SMAs and fell back below the 20-bar SMA, falling to $0.056 on the 25th. TRX pushed back up on the 26th, rising to $0.061, but with the 20-bar SMA now acting as resistance, it could not move past this point and gradually dropped to its current level of $0.059.

We can see that the Parabolic SAR is currently 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 marginal recovery during the ongoing session as buyers and sellers look to take control. If TRX can recover, we could see the price go back above $0.060. However, if the price drops back, we could see TRX slip below $0.059.

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