TRON’s native coin, TRX, is facing revived market pressure as price movement remains below a key resistance area. Although the session of consolidation and short-lived recovery attempts, TRX has struggled to keep the bullish rally, indicating larger indecision among traders and investors.
Recent trading tarits underscores a balance between determined selling near resistance and support holding at lower levels.
According to CoinMarketCap, at the time of writing, the token is trading at $0.3091 with a 3.31% decrease in rate. The market cap of the token has exceeded $29.27 billiona dn the volume of the token is around $839.23 million.
Also Read: TRON Welcomes TRX Options Launch on Deribit, Expanding Institutional Trading Access
Technical Indicators Reflect Weak Momentum for TRON
Tron’s price chart reveals a downward momentum for the token. It may climb toward the resistance (yellow) at around $0.3163. Assuming the bullish pressure strengthens, the golden cross might emerge and send the price up to test the $0.3200 range.
If a reversal occurs, the bears might push down the token’s price further to the support at $0.3085. In case the downside correction gains more traction, the death cross could form, and likely drive the asset’s price to a low of $3000 or even lower.
The moving average convergence divergence (MACD) indicator shows the coin experiencing bearish pressure since the signal line (orange) is above the MACD line (blue). The relative strength index (RSI) indicates the coin is being overbought as the RSI is around 65.
According to the data given by CoinCodex, the 200-day simple moving average in the long run is projected to reach $0.3080. The 50-day simple moving average (SMA) in the short term is projected to reach $0.2875. All these figures reflect a slow but certain movement towards the higher ground.
TRX is still restricted between firm resistance and nearby support, indicating a market in equilibrium. Until price action is better, this range with a clear breakout or breakdown, pressure is likely to remain. Investors and analysts keep on monitoring key technical levels to analyse whether the rally can shift decisively in either direction.
Also Read: TRX Price Eyes Daily Close Above $0.30 for Trend Confirmation
