Tron’s price analysis shows more bearish signs as the price made an upward push to become a bear victim. TRX is down 2 percent over the last 24 hours after gaining more than 7 percent over the past 2 days to form promising signs.
The price has seen a lot of bouncing around the $0.06 level this month and appeared to be crossing this resistance zone during yesterday’s rally. However, like the declines in the larger cryptocurrency market, TRX is down as bearish momentum is taking over today. TRX trading volume increased by around 2 percent while market cap also fell 2 percent to confirm the bearish outlook.
The larger cryptocurrency market saw a slight decline overall as Bitcoin fell above $41,500 and Ethereum lost momentum above the $3,000 level. Ripple fell more than 2 percent to $0.75, while Dogecoin and Cardano fell 1 percent to $0.14 and $0.93, respectively. Solana was also down 1% to $106.83, while Polkadot and Terra were the only winners in the market, up 1 and 2 percent, respectively.
Tron Price Analysis: Evening Star model appears on the daily chart to show trend reversal
Looking at Tron’s 24-hour price analysis candlestick chart, the Evening Star model is formed, showing a trend reversal as the price drops. After showing a steady uptrend for the last 48 hours, TRX price reached above the $0.63 resistance.
However, sellers enter the market during day trading to push prices lower. In the current trend, the price is just below the 50-day exponential moving average (EMA) of $0.62. The Relative Strength Index (RSI) is averaging 48.02 and may decline as volume increases.
The moving average convergence curve (MACD) is still showing signs of an upward divergence. A return visit to test the $0.63 resistance could be made in the next 24 hours if buyers can hold the price above the $0.45 support. On the contrary, a fall below this area will invalidate the bullish thesis.
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