Tron Technical Analysis: TRX In Freefall, Slips Below $0.070

Daily Tron Price Analysis

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Last Updated January 10th 2022
3 Min Read
  • The Tron price continued to drop on the back of a marketwide drop in the crypto market. 
  • TRX has been in the red for all of the week, slipping below $0.070 on Friday. 

The Tron price has been extremely bearish during the week, and although the price is marginally up during the current session, the overall market sentiment remains bearish. TRX had registered a sharp drop on Wednesday, falling by nearly 6% to $0.071. The price remained in the red on Thursday, registering a marginal decline, before dropping to $0.068 on Friday. The weekend saw TRX continue to drop, falling to $0.065, before registering a marginal recovery during the ongoing session. 

Tron Price Chart Indicates Buyers And Sellers Looking To Control Session 

The Tron price started the previous weekend on a fairly positive note, rising by 1.45% on Saturday. The price continued to increase on Sunday, and TRX ended the weekend at $0.077. However, Monday saw the market fall into the red, as TRX registered a drop of 0.66%, and then dropping by nearly 2% on Tuesday, falling to $0.075. Wednesday saw TRX register a significant drop of almost 6% as the price slipped to $0.071.

Image: TRX/USD daily

Image: TRX/USD daily chart 011022

After dropping to $0.071 on Wednesday, the Tron price remained in the red on Thursday, registering a marginal drop. Friday saw an even more significant drop, with TRX dropping by 3.62%, slipping below $0.070 and dropping to $0.068. The weekend saw TRX continue to drop, falling by nearly 4% and dropping to $0.065, before rising during the current session, with the price up by over 1%, with the price presently at $0.066.

The MACD and Parabolic SAR are currently bearish, indicating that the price could drop further.

Image: TRX/USD 4-hour

Image: TRX/USD 4-hour chart 011022

Looking at the 4-hour Tron price chart, we can see that TRX had registered a sharp drop on the 6th, falling to $0.073. The price continued to drop from this level, slipping below $0.070 and settling at $0.069. The price made a marginal recovery from this level, rising to $0.071, but fell back again, dropping to $0.067. TRX was able to stay at this level and gradually pushed up to $0.069 on the 8th before dropping back to $0.064. From this level, the price recovered and moved to its current level of $0.065.

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

Tron Price Is Expected To Reach These Levels

The Tron price chart shows us that TRX has been extremely bearish during the week, although the price has seen a marginal recovery during the current session. If buyers can retain the current session, we could see the price push towards $0.070, but if sellers retake the session, TRX could drop below $0.065.