Tron [TRX] gained significant momentum in late March and early April. After weeks of switching to the bullish mode, the crypto-asset’s momentum had been neutralized. It tumbled to the 18th spot by market cap in the leaderboard.
Following the downside price action, the volatility in the Tron [TRX] market has taken a hit suggesting that the bulls are tired of pushing the price to breach multi-year highs for the token.
It made a quick recovery in tandem with the wider cryptocurrency market and was up by 4.43% over the past 24-hours even as its volume was low. At the time of writing, the crypto-asset was being traded at $0.141 while holding a market cap of $10 billion and a 24-hour trading volume of $6.82 billion.
Tron [TRX] Daily Price Chart:
Tron’s [TRX] downward price movement was accompanied by low volatility in the market as it tested its nearest support level near $0.140 briefly.
However, the upsloping moving averages -50 DMA [Pink] and 100 DMA [Blue], remained unfazed by the increasing bearish pressure and continued to form crucial support points for the crypto-asset.
The dotted markers of the Parabolic SAR switched sides after more than a fortnight and were now hovering above the TRX price candles prompted by the bears’ return to the market. These markers resisted upward momentum depicting a bearish phase for the coin.
The Chaikin Money Flow [CMF], on the other hand, continued to tread in the higher zone depicting a steady flow of capital into the coin market which could drive Tron’s price in the coming days.
The RSI left the overbought conditions but was still well above the 50-median line depicting that the buying sentiment among the investors are still intact.
If the bulls manage to defend the current level, Tron could then target resistance level of $0.163, $0.201, and $224. Should this area be claimed by bears, the support levels to watch out for was found to be at $0.110, $0.083 and $0.061 respectively.