Several altcoins along with Tron [TRX] were observed to be losing bullish momentum as the price of the world’s largest cryptocurrency, Bitcoin struggled to reclaim its ATH. TRX has been largely absent in the present bull run despite a minor price change to the positive side as it was turned away by several resistance levels.
Tron [TRX] declined by 5.56% over the past 24-hours which dragged the coin’s price to $0.0299. The crypto-asset recorded a market cap of $2.145 billion and a 24-hour trading volume of billion at the time of writing.
Tron bulls appeared to be waiting for a fresh increase despite continued downward pressure. Let’s look at what the technicals have in store for the 19th-largest crypto-asset.
Tron [TRX] Daily Chart:
Tron’s [TRX] failed to demonstrate strong momentum and its price action has been dull. Its weekly losses totaled at roughly 3% as selling pressure followed soon after establishing a local top.
Furthermore, the coin witnessed resistance at several points where sell pressure has turned its price down.
Meanwhile, the 50 DMA [Pink], as a result, moved above a few TRX price candles before retreating below them. Despite this, the moving average continued to tread close to the candlestick arrangement depicting a bearish pressure in the market. The converging of the two DMAs further validated the struggle of the bulls.
The MACD underwent a bearish crossover after a brief stint with the bulls above zero depicting a rising downward pressure in the coin’s price.
The OBV indicator, however, did not note a lack of volume, which may be why the price was a little volatile and had room for improvement in the near future.
The RSI declined to close the 50-median line depicting a minor dip in buying pressure.
Tron’s [TRX] price inaction could essentially continue in the medium term as a definitive breakthrough indication is yet to transpire in the charts. Bulls and bears continued to defend the current level.
Noteworthy levels in case of upward price action were found to be at $0.031, $0.033, $0.035 and $0.040 respectively while its support points stood firm at $0.029, $0.024, and $0.023.