The cryptocurrency market’s movement was on a stiff rangebound. Even as Tron’s [TRX] losses minimized to 5.35%, the cryptocurrency was still directionless and continued to latch on to the negative sentiment surrounding the fall. It was still struggling to break free from the bearish impetus.
The digital asset’s tryst on the top 20 crypto leaderboard was short-lived as the price needs to stabilize before the next leg upwards.
Tron [TRX] slid by 1.54% over the last 24-hours which drove the price to $0.076. At the time of writing, the crypto-asset registered a market cap of $5.47 billion and a 24-hour trading volume of $1.67 billion.
Tron [TRX] Daily Price Chart:
The moving averages continued to resist any upward move by Tron [TRX]. After the 50 DMA’s [Pink] rise above the candles in the second week of May, the 100 DMA [Blue] followed suit which further pushed the coin down. The moving averages now appeared to be heading for a bearish cross. If this materializes, TRX could spiral down deeper into the bearish hole.
The depreciating volume on the daily chart was another signal of bearish pressure in the coin market.
The dotted markers of the Parabolic SAR aligned above the TRX candles indicating bears have the upper hand as the price continued to move sideways. The twin-peak formation above the half line by Chaikin Money Flow [CMF] depicted that an inflow of money into the capital was met by traders offloading their coins the moment its price noted upticks.
The RSI was hovering below the 50-median line, however, it followed an upward trajectory after bouncing off from the oversold region which was indicative of a slowly rising sentiment in demand among the investors in the market.
If the bulls push the price above $0.089, the TRX/USD pair could rally to a level at $0.116. Such a move will demonstrate strong buying at lower levels which could also signal an end of the downtrend. The charts depicted incessant bearishness in the market. Hence, if Tron falls below $0.063, it would invalidate the uptrend hints in the near term. In this case, the digital asset could retest the $0.044 and $0.028 levels respectively.