Tron [TRX] has been on a strong uptrend this year as it closely followed Bitcoin’s price this bull season. However, five months down, it slipped to the 23rd position by market cap after undergoing correction last week. The coin bounced back after establishing a local top on the 7th of April which negated its weekly gains to just 2.52%. Several altcoins noted major declines during overnight trading sessions and market players took profit from the rally steered by Ethereum [ETH].
Over the past 24-hours, Tron [TRX] depreciated by nearly 10% which drove its price to $0.129. At the time of writing, the digital asset recorded a market cap of $9.30 billion and a 24-hour trading volume of $4.33 billion.
Tron [TRX] Daily Price Chart:
Tron’s [TRX] daily chart depicted that the bullish momentum has taken a back seat. The token formed a lower high around the first week of May after a failed attempt in breaching a multi-year high level established two weeks prior. Following the market downtrend, the mouth of the Bollinger Bands converged and was moving in parallel to each other. This essentially forecasted a period of low volatility in the coin market.
The Volume was also low which further hindered the uptrend by the cryptocurrency.
The emergence of the red closing bar of Awesome Oscillator depicted a shift towards low bearish momentum in the TRX market.
The MACD also suffered a bearish crossover recently that indicated a phase of low buying demand. The RSI, however, held its fort above the 50-line despite tumbling down. The indicator was struggling near the midpoint that suggested a balance between supply and demand.
On a positive note, this balance may move in favor of the bulls if the price sustains above the immediate resistance of $0.137. A break above this point could result in Tron targeting other levels such as $0.152 and $0.164. Support levels were found to be at $0.101 and $0.085 respectively.