- TRON, at the time of penning down, was seen having a steep fall from the 90-day high trading price of $0.0268 to currently being around $0.020
- The price of TRX is appearing towards the daily 50-day MA as the nearest support which lies within the 20-day Bollinger Band width
- Price of TRX coin drops from 61.80% Fib Retracement Level exposed to moderate market volatility
TRON coin breaks the rising trend as the price experiences a steep fall, and it loses over 25% compared to the 90-day high price. TRX/USD gradually hits below 61.80% Fib Retracement Level after breaking through the upper 20-day Bollinger Band. Just as Bitcoin continues to trade below $10,000 for the third day in the row, the altcoins turn red. Irrespective of directly influenced or not, the momentum gets dumped as the market crashes.
TRX Faces Bearish Divergence
Taking a glance at daily movement of TRX against USD on Bitfinex, we see that the coin is experiencing an unpredictable pullback even after the “golden crossover” that has happened recently on a daily chart. TRON price, after hitting a 7-month high, lost the gained momentum as it slid below the short-term support at $0.025 and $0.023. The 20-day Bollinger Bands exhibit a moderate width and it projects towards slight volatility in the upcoming days. The intraday appears notably bearish as TRX price hits the lowest at $0.0192 in the past 24 hours.
Aligning the effects of intraday bearish crossover, we also see a bearish divergence as the Signal line crosses above the MACD line of Tron.
Similarly, the RSI of the coin is also seen sliding below the overbought region at 46.86. According to TRX prediction and the recent fall, the currency might continue downwards and cross the support of $0.017 in the upcoming days.
