×

Sign in

Sign in using the following social media accounts


Tron Price Analysis- Will EMA Death Crossover Bolster TRX Fall?

TRON

Published June 18, 2022

A+

Last week’s crypto crash took a significant toll on Tron’s (TRX) price and plunged it to a low of $0.047. This downfall registered a 45.5% loss in just two weeks but failed to sustain below $0.057 support. Furthermore, the altcoin has been trying to sustain above the $0.057 mark over the past three days, which may trigger a minor pullback.

advertisement

Key points

  • The TRX buyers are trying to sustain above the $0.575 support
  • The TRX chart shows a death crossover of the 50-and-200-day EMA
  • The 24-hour trading volume in the TRON coin is $793.6 Million, indicating a 10.15% hike.

TRX/USDT ChartSource-Tradingview

During the last supply dump, the TRX/USDT pair fell dramatically from $0.090 to the $0.050 mark. However, the lower price rejection led to a reversal of the rally, retesting the $0.065 breakout. 

The reversal rally quickly loses the bullish trend momentum resulting in a sideways trend between $0.057 and $0.065. The daily candles showcase long-range formation over the last couple of days, reflecting an indecisive trend. 

The higher price rejection in today’s daily candle sabotages the possible morning star forming in the price chart. This lowers the possibility of a bullish reversal and indicates a higher likelihood of the downtrend cracking under $0.050.

The fallout rally surpassing the psychological mark of $0.050 will lead the TRX prices to the $0.046 mark. 

Conversely, looking from a bullish point of view, an upside rally will lead to the $0.7 mark, accounting for a 13.8% price jump.

Technical indicator

The daily-RSI slope escapes from the oversold region while price action trying to sustain above the $0.0576 support promotes a bullish pullback in the near term.

advertisement

However, last week’s drop in TRX prices left the moving average quiet behind the road. Furthermore, the 50-and-200-day EMA is on the verge of a death crossover, encouraging additional selling in the market. 

  • Resistance level- $0.067 and $0.075
  • Support levels- $0.057 and $0.05

Share this article on:
From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Close Story
Web stories
Published 2 hours ago
Share Via
Copy Link
Shiba inu coin banner. SHIB coin cryptocurrency concept banner b

Published 2 hours ago

A+
Published 3 hours ago
Share Via
Copy Link
SAND

Published 3 hours ago

A+
Published 5 hours ago
Share Via
Copy Link
Solana

Published 5 hours ago

A+
Published 1 day ago
Share Via
Copy Link
Chainlink (LINK)

Published 1 day ago

A+
Published 1 day ago
Share Via
Copy Link
AAVE

Published 1 day ago

A+

advertisement

advertisement

TWITTER SIGNALS

markets newsletter

Your daily dose of Market analysis & Price updates.