Tron (TRX) buyers could not dodge range-bound rallies, indicating a potential downward move towards $0.057. Losing grounds at $0.075 provides interested investors with a short opportunity for an 18% target. Will the concentrated Exponential Moving Averages stall the coming TRX freefall?
- TRX price has declined by 16% since the previous week.
- The altcoin’s price chart reveals a possible bearish cross of 20-day EMA and 200-day Exponential Moving Average,
- TRON’s 24hr trading volume sat at $1.77 billion, reflecting a 21.5% slump.
Tron has seen its price resonating within a horizontal channel since 2022 began. The consolidation phase had the crypto relying on the support barrier at $0.057 while making multiple trials to overcome the resistance barrier at $0.0748.
The persistent accumulation by TRX buyers over the previous five months plus efforts to overcome the horizontal channel finally bored fruits on May 4 and touched the highs of $0.9. Nevertheless, the buyers failed to keep the breakout due to the latest crypto market crash. Intensified bearishness saw Tron succumbing to the overwhelming horizontal channel again.
While writing these lines, TRX traded at $0.716, indicating a 3.51% intraday loss. Losing foothold shows TRX price might drop by 18.7% to retest the foothold at $0.057. The current price picture supports the bearish move for Tron.
On the other hand, the price movements accumulated the critical 20-, 50-, 100-, and 200 Exponential Moving Averages around the $0.075 level. That might interrupt further declines and push TRX back beyond $0.75.
Technical Indicators
TRX/USDT witnessed declines through the Bollinger Band’s midline, backing the potential fall towards the bottom support band located around $0.57. According to the vortex indicator, the VI- and VI+ slope is ready for a bearish cross. The ‘sell’ sign might welcome more sellers, bolstering the awaited 18% decline.
Meanwhile, broad market sentiments are crucial for Tron’s directional bias. While publishing this article, the global cryptocurrency market cap reflected bearish dominance. This metric stood at $1.27 trillion, losing 0.59% over the past 24hrs. Such narratives support TRX’s downside project. However, an improved mood in the crypto world would see the token eyeing higher price levels.
Resistance levels – $0.074, then $0.088
Support regions – $0.057, then $0.053.
