TRON Price Analysis: The TRX Bulls are Back to Rescue the Coin

• After a few waves of uptrend movement over the daily price chart, the TRX price has begun to decline.
• The short term analysis shows initiation of an uptrend movement with a support of technical indicators.
• The TRX/BTC pair is at 0.000002974 BTC with an insignificant loss of 0.37%.

The TRX price has started sinking after some waves of uptrend movement over the daily price chart. The TRX bulls are trying hard to support the price and to make their previous efforts count, but the bears are getting their side a bit heavier so the coin needs to attract some more buyers in order to make a proper trend reversal.

The trading volume is at a small decrease of 3% which can be recovered by managing some more buyers which in turn will pump the price. The bulls pushed the price from a lower low of $0.06613, still The investors need to wait for a good opportunity to make a perfect entry to the market.

The price for TRX coin is currently trading at $0.06715 with a mere gain of 0.43% in its market capitalization in the last 24 hrs. The coin has a trading volume of 434 million which is at a loss of 4% in the 24 hrs trading session and has a market cap of 6.2 billion. The volume market cap ratio of TRX is 0.07033.

Short-term Analysis for TRX

The short term analysis (4 hrs) shows initiation of an uptrend movement which is flattering as the bears definitely don’t wanna give up their dominance.

The MACD indicator shows the buyers are coming back to the market and and the buyers line made a cross over the sellers signal line from below along with the initiation of histogram turning green. The relative strength index also started  skyrocketing over the hourly price chart. The RSI value is moving just above 50.  Whereas the bollinger band cloud is moving neutrally and appears to be of little help here.

Conclusion

The TRX price has started sinking after some waves of uptrend movement over the daily price chart. The TRX bulls are trying hard to support the price and pushed the price from a lower low of $0.06613. The price slumped approximately 7% in 6 days which is bothering the investors now. The hourly price chart shows the bulls are returning to support the coin which looks like initiation of an uptrend movement. The technical indicators support the above argument.

Technical levels

Resistance levels: 0.07005 and $0.07160

Support levels: $0.06584 and $0.06416 

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.