Tron [TRX] Sees Subdued Buying Activity; Momentum Rests With Bears

Another attempt to steer clear of the resistance at $0.03 by Tron bulls has failed.

Along with several altcoins, Tron [TRX] too fell near its nearest support level as the market’s bulls continued to struggle to keep the price afloat. Following serious price inaction, the token fell to the 20th position in the cryptocurrency ladder before hitting reverse and noting a minor gain of 1.39% over the past week.

Tron [TRX] was up by 2.63% over the past 24-hours which $0.0295. At the time of writing, the crypto-asset held a market cap of $2.1 billion and a 24-hour trading volume of $1.05 billion.

Tron [TRX] Daily Chart:

According to the above one-day chart, Tron [TRX] price candles can be seen consolidating in a tight range bound since establishing a local top on the 24th of November.

No clear uptrends nor massive downtrends was found to transpire since then. However, the price movement in the coin’s near-term appears grim when the daily moving averages are taken into consideration.

The 50 DMA [Pink] went over the TRX candle projecting bearish hints. Furthermore, the 50 DMA appeared to be converging with the 100 DMA [Purple] depicting a rising bearish pressure in the coin market which could further pull the coin towards the previously breached support area.

The technicals did not indicate a very promising picture either.

The red closing bar of Awesome Oscillator depicted a shift to bearish momentum in the TRX market. Furthermore, MACD continued to tread in the bearish zone below zero, a trend that saw no hints of a positive reversal in more than a week now.

The RSI bounced back close to the 50 median line depicting a mild rising buying sentiment among the investors in the coin market.

Tron was at a crucial stage. Despite minor hints of buying pressure, the coin has so far failed to challenge the $0.031, $0.034 levels of resistance. The subsequent pullbacks in the market have only added to its woes. If the crypto-asset fails to hold the current level, it risks a fall to the nearest support area of $0.028.