In the preceding 24 hours, the TRON (TRX) market saw a bearish rule, with bears managing to plunge the price to a 24-hour low of $0.06524. The bulls’ bid for market domination was short-lived, as the market encountered resistance around the intraday high of $0.06716. TRON was at $0.06561 at press time, a 2.23% decrease from the intraday high.
If bears keep control of the market, the $0.06524 support level may be breached, and the next support levels may be at $0.063 and $0.060. If the bulls gain control, TRON may break the resistance level at $0.06716 and move on to the subsequent resistance levels at $0.069 and $0.071.
During the slump, market capitalization fell by 1.56% to $5,981,020,823, while 24-hour trading volume increased by 11.60% to $253,879,614. This movement indicates that, despite the decline in market capitalization, there is still considerable trading activity and investor interest in the market, suggesting the possibility of a rebound soon.
TRON/USD 1-Hour Technical Analysis
In the 1-hour price chart, the shorter-term MA is moving above the longer-term MA, indicating that, despite being bearish, TRON might see a short-term positive trend. But, traders should be wary since this might only be a momentary market correction before the negative trend resumes. The 200-day MA is at 0.06638047, while the 50-day MA is at 0.06646530, supporting this pessimistic view.
The Relative Strength Index (RSI) movement below its signal line, with a value of 44.77, indicates that selling pressure is still in the market. However, it has diminished compared to earlier levels. This signals a possible buying opportunity for traders looking for a long-term investment.
With a stochastic RSI reading of 40.67, the TRX negative trend may be losing speed. It may reverse soon, allowing it to consider acquiring TRX for a long-term investment plan.
This move confirms the RSI’s oversold signal, suggesting that TRX may be undervalued and giving a possible purchasing opportunity for investors wanting to profit on a potential price recovery.
TRON/USD 4-Hour Technical Analysis
The stochastic RSI swings in the oversold area with a value of 12.25 on the 4-hour price chart, indicating that the TRON market is now oversold and may have a positive turnaround soon.
This movement indicates that selling pressure has driven the TRON market to where it may be undervalued, giving it an attractive buying opportunity for traders wanting to profit from a future price gain.
The Relative Strength Index is trending below its signal line and reading 46.31, showing that the TRON market is suffering a brief price drop but is not yet oversold, signalling that there is still an opportunity for growth in the near future.
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