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You are here: Home / News / Tron News / Tron [TRX] Faces Stiff Resistance Near $0.13 Despite Hints of Recovery
Tron [TRX] Faces Stiff Resistance Near $0.13 Despite Hints of Recovery

Tron [TRX] Faces Stiff Resistance Near $0.13 Despite Hints of Recovery

May 18, 2021 by Chayanika Deka

Tron [TRX] has depicted moderate signs of recovery along with the rest of the cryptocurrency market. TRX was hovering a little above a crucial area of support after it suffered weekly losses of more than 8%. Even as the digital asset saw a bullish start to the day, a reverse could the lower levels back into play.

It had maintained consolidatory movement since the beginning of April as it breached multi-year highs. The momentum faded after subsequent correction and the token was pushed back to the 22nd spot on the leaderboard.

Tron [TRX] was trading at $0.117 after a minor uptick of 0.49% over the past 24-hours. At the time of writing, the crypto-asset registered a market cap of $8.39 billion and a 24-hour trading volume of $2.70 billion.

Tron [TRX] Daily Price Chart:

TRON 1
Tron [TRX] Faces Stiff Resistance Near $0.13 Despite Hints of Recovery 4

The formation of a descending triangle did not present a promising path ahead for Tron [TRX]. This pattern, by convention, depicts a bearish flip in the offing which could lead the coin to test key support levels.

The 50 DMA [Pink] rising above the TRX candles also marked the increasing bearish pressure in the market which could resist upward attempts. While the upsloping 100 DMA [Blue] continued to tread below the candlestick arrangement, the reducing volume, however, failed to support the moderate signs of recovery in the token’s price.

TRX2 2
Tron [TRX] Faces Stiff Resistance Near $0.13 Despite Hints of Recovery 5

The dotted markers of Parabolic SAR was hovering above the TRX candles and resisted an upward price movement.

The MACD also gave a bearish crossover and the rising gauge between it and the signal line evidenced a phase of declining buying demand in the market.

The RSI, too, fell back after forming a lower high in tandem with the price action of the digital asset. It was currently below the 50-median line depicting an increasing sentiment of selling pressure among the investors in the market.

If Tron manages to break the immediate level of resistance of $0.133, it could target its next point at $0.164. However, the technicals are not in the favor of bulls hence, there is a high chance of reversal which could prompt a slide to $0.10 level. If the crypto fails to defend this level, it risks a correction all the way down to $0.05-area.

Filed Under: Tron News, Market Analysis, News Tagged With: TRON (TRX)

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