Tron Price Correction May Extend 12% this Week, But There’s a Twist
Highlights
- An ascending support trendline carried the long-term rally in the TRON coin.
- A potential breakout from the immediate support of $0.11 hints at a 12% downside risk for TRX.
- The intraday trading volume in Tron is $483 Million, indicating a 23% gain.
Amid the broader market consolidation, the TRON coin price failed to sustain above the $0.123 barrier. The supply pressure at this resistance created a new lower high, projecting an early sign of market sentiment shifting from ‘buy-on-dips’ to ‘sell-on-rallies’. With an intraday loss of 1.8%, the TRX price headed to the immediate support of $0.11. Will this floor hold amid pre-halving consolidation in the market?
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Is TRX Price Correction heading to $0.1?
The TRON coin entered its current correction trend in late February as the price reverted from $0.143. This bearish turnaround has tumbled the coin value 22% within seven weeks to trade at $0.112.
The falling price is poised to challenge the $0.11 support for a bearish breakdown which may strengthen the seller’s grip over this asset for extended downfall. A successful breakdown will tumble the TRX price another 12% to hit the long-coming support trendline at $0.1.
This ascending trendline intact for over 17 months has offered buyers suitable support during the market correction. The coin rebounded several times from the dynamic support indicating the broader follows buy the dip action. Thus, the TRX price would witness a surge in demand pressure at this support, offering buyers an opportunity to counterattack.
Until this support trendline is intact, the Tron coin price continues on its upward trajectory.
IntoTheBlock, a crypto analytics firm, recently highlighted a notable achievement for the TRON network, which has exceeded 100 million addresses with a balance. This milestone reflects significant user adoption and network growth for TRON, suggesting an expanding ecosystem for the cryptocurrency. As reported by IntoTheBlock, such a development could signify increased trust and utility in TRON’s blockchain technology.
The TRON network just surpassed 100 million addresses with a balance. an impressive milestone for @trondao 👏 pic.twitter.com/TIoNuQ3jDN
— IntoTheBlock (@intotheblock) April 13, 2024
Also Read: QCP Capital on Why Bitcoin Price Fell Today, What’s Next?
Technical Indicator:
- Exponential Moving Average: The 200-day EMA slope wavering around the $0.11 mark creates a high-demand zone for buyers.
- Moving Average Convergence Divergence: a bearish crossover between the MACD and the signal slope below the Midline reflects an active correction trend in TRX.
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