Tron’s [TRX] attempt to push back the bulls have been met with severe resistance. Even as the digital asset was up by 20.35% over the past week, it slid to the 20th position in the leaderboard.
It is important to note that the collective altcoin cohort has witnessed an abrupt shift in volatility throughout the month of April which appears to be amplifying as May dawned. Bitcoin has steadied below $60K, while Ethereum registered a new ATH and was now seen pushing the coins towards a rally.
Tron [TRX] was still in the red zone after incurring a loss of 2.52% over the past day. The crypto-asset was exchanging had at $0.126 while recording a market cap of $9.06 billion and a 24-hour trading volume of $2.01 billion, at the time of writing.
Tron [TRX] 24-hour Price Chart:
Tron’s [TRX] revival attempts have been rejected at several key points which has pushed the crypto-asset deeper to the bearish realms. The mouth of the Bollinger Bands was open but not diverging which depicted a period of volatility in the coin market.
The low volume has failed to provide firm support and push the price of the coin even as the altcoin market noted sharp surges in recent weeks.
Tron’s [TRX] technical indicators were struggling. The red closing bar of the Awesome Oscillator depicted a weak bearish momentum in the coin market.
The Chaikin Money Flow [CMF] also flailed above the zero line depicting a low inflow of capital into the TRX ecosystem.
Similarly, the RSI, too, has been hovering above the 50 median line with some difficulty in tandem with TRX price movement which demonstrated that the bulls have bought the dip. This, in turn, has led to a sentiment of rising buying pressure in the market which could push its price higher.
The resistance levels for Tron was found to be at $0.137, and $0.164 while the support points were found to be at $0.111 and $0.862 respectively.