Tron [TRX] continued to decline as sell pressure pulled the crypto-asset towards critical support levels. Its weekly losses extended to 12.30%. The bears are offloading their tokens even on minor rallies. This is not just true for TRX but also for the rest of the cryptocurrency market as the cumulative valuation plummeted to $1.32 trillion.
Over the past 24-hours, Tron [TRX] was down by 5.70% which drove its price to $0.0571. At the time of writing, the crypto-asset registered a market cap of $4.19 billion and a 24-hour trading volume of $574 million. Following the latest correction, there has been an uptick in volatility in the market which could spark some abrupt price action in the near future.
Tron [TRX] Daily Price Chart:
The volume has been on a decline for the past few weeks which has posed a major cause of concern. Tron [TRX] conveniently moved away from the moving averages after the death cross by the 50 DMA [Pink] and the 200 [DMA] which continued to hover above the price candles. The 100 DMA [Blue], on the other hand, appeared to be sloping downward as it continued to act as a major resistance point.
The formation of red closing bars of Awesome Oscillator [AO] depicted a formation of increasing bearish momentum in the coin market. The MACD also sustained a bearish crossover as buying demand slumped. Closely following TRX’s price movement, the RSI also went on a reversal and was currently edging closer to the oversold conditions.
The above charts depicted a risk where the Tron price could revisit the old record high area last seen in February, In this case, the asset could test support areas of $0.045, $0.028 respectively. While a potential TRX price rebound is highly unlikely at this stage, it does, however, transpire and gains traction, the digital asset will discover resistance at $0.09. Other levels of resistance were at $0.125, and $0.1511.