Tron [TRX] has been slow to catch the bullish bandwagon as the altcoin recorded a 2.71% weekly gains despite an outstanding performance by the cryptocurrency market over the past several weeks. The recent pullback caused much damage to the coin which further sank the coin.
Starting off with a fresh decline, the 17th largest crypto-asset has been treading in troubled waters. Tron was currently priced at $0.029 after a dip of 1.15% over the last 24-hours. At the time of writing, the coin registered a market cap of $2.1 billion and a 24-hour trading volume of $1.85 billion.
Have Tron bulls ceded to the bears? Let’s look at the charts below.
Tron [TRX] Daily Chart:
Tron [TRX] has been pretty much consolidating within a tight rangebound. Unlike its peer altcoins, TRX has failed to post impressive gains over the last month. The lackluster in the Tron market was further confirmed by the placement of the daily moving averages with respect to the price candles.
The 50 DMA [Blue] moved above the candlestick arrangement today depicting a rather gloomy picture for the coin. The 50 DMA and the 200 DMA [Purple] were moving in parallel to each other with the latter forming a critical support point for the TRX candles. This depicted the continuation of the ongoing trend and a sharp break on either side might not be in the cards, at least for some time.
The Fib retracement indicator highlighted a few crucial positions that TRX’s price could find itself in.
Meanwhile, the Stochastic RSI sank indicating a substantial bearish pressure.
According to the above charts, Tron technicals were in an indecisive phase even as its price made a couple of attempts to settle above the press time level. If TRX breaks the 100% Fib retracement level of the downside move at $0.0236, the losses could extend to the nearest support levels of $0.016 and $0.012 respectively.
Besides, Tron found significant resistance from $0.0346 and $0.0416.