Tron Technical Analysis: TRX Slips Below $0.090 After Significant Drop Over Weekend 

Daily Tron Price Analysis

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Last Updated November 29th 2021
2 Min Read
  • The Tron price tumbled over 8% on Friday, as TRX dropped below its support level of $0.095 
  • The price dropped further on Sunday, slipping below $0.090 

The Tron price was extremely bearish over the weekend, as the price slipped below $0.090. Although TRX had ended Thursday on a positive note, the price dropped on Friday, falling by over 8%, slipping below $0.095, and settling at $0.091. On Saturday, the price made a marginal recovery, pushing up to $0.093, but fell back on Sunday. Currently, TRX is down by almost 3%, with sellers controlling the market. 

Tron Price Chart Indicates TRX Could Drop to $0.085 

The Tron price started the previous weekend on a reasonably bullish note, with the price pushing up by 1.68% on Saturday. The positive sentiment persisted on Sunday as TRX rose by a further 0.94% to end the weekend at $0.106. However, Monday saw the price drop significantly, with sellers pushing the price below the 50-day SMA as the price dropped by over 5%. The price recovered on Tuesday, pushing up by 1.68%, but fell back on Wednesday, registering a drop of 4.56% to settle at $0.098.

Image: TRX/USD daily

TRX/USD daily chart 112921

After Wednesday’s drop, the Tron price made another recovery on Thursday, rising by almost 2% and settling at $0.100. However, Friday saw another sharp drop, with TRX falling by over 8%, settling at $0.091 after slipping below its support level of $0.095. Saturday saw a marginal recovery, but the price dropped back on Sunday and is currently hovering around $0.090 and $0.089.

We can see that the Parabolic SAR is currently bearish, indicating that we could see the price drop in the current session.

Image: TRX/USD 4-hour

TRX/USD 4-hour chart 112921

Looking at the 4-hour Tron price chart, we see that TRX rose to $0.109 on the 21st. However, with the 50-bar SMA acting as resistance at this level, the price dropped back, slipping below the 200 and 20-bar SMA and dropping to $0.103. With the 20 and 200-bar SMAs now acting as resistance, the price could only push to $0.104 before dropping to $0.097 on the 24th. The price pushed back to $0.100 but again could not push beyond the 20-bar SMA and dropped to $0.09 before rising back up to $0.095. Currently, we can see that the price has dropped to $0.089, and with the MACD bearish, 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 has been quite bearish over the weekend. If the current sentiment persists, we could see TRX drop to $0.085.