Tron Technical Analysis: TRX Drops Below $0.80 As Market Slump Continues

Daily Tron Price Analysis

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Last Updated December 7th 2021
3 Min Read
  • The Tron price continued to drop during the ongoing session, as it is currently down by over 5%. 
  • TRX had registered a sharp drop on Saturday, as the price fell by almost 8% and settled at $0.087. 

The Tron price continued to drop as the crypto market crash continued to take its toll. TRX had dropped by almost 3% on Friday, dropping to $0.084. The weekend saw the selloff intensify, with the price dropping by almost 8%, slipping below $0.090 and settling at $0.087. TRx fell further on Sunday, slipping below the 200-day SMA and settling at $0.084. The current session sees sellers firmly in control, looking to push the price below $0.80 

Tron Price Chart Indicates TRX Could Slip Below $0.080 

The Tron price started the previous weekend on a bullish note, as it pushed up by 1.08% on Saturday. The price continued to rise on Sunday, moving up to $0.095 and ending the weekend positively. Monday saw TRX register another increase of over 2%, as the price moved up to $0.097, before registering a marginal drop on Tuesday. Wednesday saw TRX register another marginal drop, as the price dropped to $0.096.

Image: TRX/USD daily chart 120721

Image: TRX/USD daily

After dropping to $0.096 on Wednesday, the Tron price registered a marginal increase on Thursday. However, the markets turned bearish on Friday, as TRX dropped by almost 3%, falling to $0.094. The drop continued over the weekend, with TRX dropping by 7.75% on Saturday and then by 3.53% on Sunday, slipping below the 200-day SMA and settling at $0.084. The current session sees TRX currently down by almost 5%, with sellers looking to push the price further down.

We can see that the Parabolic SAR is currently bearish, indicating that the price could drop during the ongoing session.

Image: TRX/USD 4-hour chart 120721

Image: TRX/USD 4-hour

The 4-hour Tron price chart shows us that TRX had pushed above the 20-bar SMA on the 29th when it rose to $0.095. The price continued to push up, rising above the 50-bar SMA and settling at $0.098 on the 30th. With the 50-bar SMA now acting as resistance, the price could stay at this level for the next few sessions before dropping to $0.095 and slipping below the 20 and 50-bar SMAs. TRX then rose to $0.100 but fell back significantly after reaching this level, dropping to $0.081 and slipping back below the 20 and 50-bar SMAs. TRX pushed up to $0.087 from this level but dropped back to its current level of $0.079.

The MACD 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 see that TRX had dropped significantly over the weekend and on Monday. If the current sentiment persists, we could see TRX drop to $0.075.