The Tron Network’s native cryptocurrency TRX used to be one of the top ten cryptocurrencies. However, the altcoin came crashing down to the fifteenth position with a market cap of $1.794 billion. At the time of writing, was trying to recover from its recent blow with a 0.60% rise in its price. While most of the cryptocurrencies, including Bitcoin, were recording a price drop, Justin Sun’s currency was trading for $0.0250.
Tron [TRX] – 1 Hour Chart
TRX formed a descending triangle pattern in its one-hour chart. This was further identified by a series of lower highs at $0.0299, $0.02629, and $0.02606 which were followed by a support line at $0.0246. The strong presence of bears was detected in the TRX market as the descending triangle is touted as a bearish pattern. The formation of the aforementioned pattern implied the occurrence of a downward breakout.
The 50 daily moving average was seen resting above the candlesticks, following a recent sell-off in the market. This further highlighted a bearish scenario as the 50 daily moving average was seen acting as a critical resistance. However, coming to the rescue of the TRX market, the 100 daily moving average stood as a major support zone for the altcoin.
The indicators were in sync with the aforementioned pattern as both MACD and the Relative Strength Index indicators reported bear sightings. Earlier today, the MACD line slumped below the signal line indicating a bearish crossover. As seen in the above chart, the bulls were previously lounging in the TRX market when the MACD line stood above the signal line.
The Relative Strength Index Indicator [RSI] was seen headed towards the oversold zone after its recent visit to the overbought zone. Since the RSI marker was below the 50 median, precisely at 46.03 median, a seller’s sentiment was noted in the TRX market.
While Justin Sun prolongs his attempts to boost the Tron network and TRX, the above-mentioned indicators as well as the pattern could further push the price of TRX to new lows.