- Tron (TRX), at the time of penning down this analysis, was trading at $0.0147 and lacked steady support from 50-day and 200-day moving average
- TRX/USD experienced a freefall from the height of $0.0271 due to lack of momentum and crypto market volatility
- On the hourly chart, there happens to be a “death crossover” as the 200-day MA crosses above 50-day MA
- TRON price dipped to the lowest at $0.0139 in the recent fall and hit through the lower 20-day Bollinger Band
- The coin has breached the 2-month support in the past 48 hours
Tron price seems to have a reversal as the momentum of the currency is declining since the latter half of the previous month. With the increasing spread of Coronavirus, the markets worldwide have been facing a dearth of profit for quite some time now.
TRX Eyes Recovery After Hitting 90-Day Low
Taking a glance at the 4-hourly price movement of TRON against the US Dollar, we see that the coin has faced a steep fall compared to the rise in the early half of the month. The recent steep dip has led the TRX coin to lose the traction and support from the daily moving averages. Moreover, the bearish crossover prevails as the selling pressure becomes dense. The immediate support awaits at $0.0124, which also happens to be the 90-day low, and a further fall is likely to breach the same. As per the 20-day Bollinger Bands laid, we project moderately volatile days ahead with a bearish note.
The technical indicators laid exhibit slight bullish crossover as the MACD line of TRX coin has crossed above the Signal line as the price corrected upsides from the upper bottom marked at $0.0139.
Similarly, the RSI of the coin is at 36.87 and is seen rising from the oversold region or the major support. According to TRON price prediction as well as technicals, the currency might recover soon and regain the lost momentum.
