TRON Price Analysis: The TRX Price Facing a Downtrend, Calling Bulls for Help

• Following a comeback, the TRX price has begun to decline once more, with the traditional cryptocurrency BTC dominating the daily price chart.
• The technical indicators over the daily price chart appear to be in favor of the bears this time,
• The TRX/BTC pair is at 0.00000298 BTC with a gain of 3.49%.

The TRX price after a recovery has started falling again as dominated by the traditional cryptocurrency BTC, over the daily price chart. This shows the bears are getting back in power and are smashing the recovery back. The investors need to take care as the market is being uncertain these days.

The trading volume is at a decline of 15% and still sinking, this should be a matter of concern for the bulls. The coin needs to attract buyers to save the bulls efforts and if the the situation persists the coin can fall below the support level of $0.061 which would be a difficult situation for the bulls to make the coin recover, so it’s the time for the bulls to take over the control and take the price to the uptrend movement again.

The price for TRX coin is currently trading at $0.067 with a loss of 2.99% in its market capitalization in the last 24 hrs. The coin has a trading volume of 559 million which is at a loss of 15.53% in the 24 hrs trading session and has a market cap of 6.1 billion. The volume market cap ratio of TRX is 0.0902.

Source: TRX/USD by tradingview

What do Technical Indicators Suggest for TRX

The volume is still moving below average on the daily time frame. The bulls need to take this to the right track.

The MACD indicator displays the MACD line is moving above the MACD signal line and is approaching for a negative crossover, along with the fading green histograms. The relative strength index is diving amid the bearish pressure over the daily price chart which needs to be fixed or else the coin may suffer a collapse, which will be difficult situation for the bulls.

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Source: TRX/USD by tradingview

Conclusion

The TRX price after a recovery has started falling again as dominated by the traditional cryptocurrency BTC, over the daily price chart.The coin needs to attract buyers to save the bulls efforts and if the situation persists the coin can fall below the support level of $0.061. While looking over the technical indicators we can observe the domination of sellers over the daily price chart which needs to be fixed by the bulls or else we can witness a negative croo over the MACD indicators.

Technical levels

Resistance levels: $0.071 and $0.078

Support levels: $0.0640 and $0.0590

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.

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