NewsletterTRON Price Analysis- Falling TRX Price Threatens To Break $0.05 Support
The TRON-USDD stablecoin plummeted to the $0.97 mark, intensified the selling pressure amid the recent crypto crash. Thus, the TRX price falling for seven consecutive days reflected a 38.5% loss and plunged the altcoin to a $0.05 psychological level. Today, the coin price is down by 10% and threatens a $0.05 breakdown.
Key points
- The TRX chart shows that 20-and-200-day EMA is on the verge of a bearish crossover
- The daily-RSI slope nosedive to the oversold territory may trigger a bullish pullback
- The 24-hour trading volume in the TRON coin is $1.94 Billion, indicating a 2.78% hike.
Source-Tradingview
The TRON coin was one of the few cryptocurrencies which significantly withstand the April-May bloodbath. Thus, a slow yet steady rally drove the altcoin to a high of the $0.0926 mark on May 8th. However, on June 1st, the TRX buyers’ failed attempt to surpass this resistance indicated weakness in the bullish momentum.
Therefore, the TRX price turned down from the $0.092 resistance and slumped 17.3 %to $0.075. However, amid a flood of negative news, such as Tron USDD stablecoin slumps from the dollar peg and overall sell-off in the crypto market last week, the TRX price took a heavy toll.
The coin chart shows seven consecutive red candles in the daily chart, registering a 38.5% loss. Moreover, the ongoing downtrend teases a breakdown from $0.05 psychological support, suggesting a further price decline.
A daily candlestick closing below the $0.05 mark would bolster the ongoing selling and tumble the TRX price by another 10%.
Alternatively, if buyers sustain the coin price above the $0.05 mark, a bullish pullback can be expected before the sellers continue the prevailing downtrend.
Technical indicator
The sudden price drop has left the crucial EMAs(20, 50, 100, and 200) far down the road, suggesting an unhealthy one-sided fall. Moreover, the fast-moving EMAs like 20 and 50 nearing a bearish crossover with 200 EMA attract more sellers in the market.
However, the daily-RSI slope took a straight drive into the oversold region, indicating the sellers have overextended this fall, and a minor pullback is needed to stabilize it.
- Resistance level- $0.0578 and $0.062
- Support levels- $0.05 and $0.045
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