After a rather choppy price action, Tron [TRX] slipped to the 25th position on the leaderboard. The crypto-asset slashed most of its weekly gains which now stood at 0.28%. The market has been pretty stagnant and there were no hints of an upswing.
After posting sharp gains, the collective crypto market cap hit a slump which drove the figures to $1.43 trillion. As top assets such as Bitcoin and Ethereum faced losses, the rest of the crypto market followed suit.
Currently, Tron [TRX] was priced at $0.0658 after falling by 2.05% over the past 24-hours. At the time of writing, the digital asset registered a market cap of $4.73 billion and a 24-hour trading volume of $857 million.
Tron [TRX] Daily Price Chart:
Tron [TRX] was currently trading close to its 2-months low as depicted by the moving averages continued to resist an uptrend. Its recovery following the aggressive dip has been slow which had previously resulted in a bearish crossover between the 50 DMA [Pink] and the 100 DMA [Blue].
However, the looming death cross of the downsloping 50 DMA with the 200 DMA [Yellow] is a major cause of concern for the TRX token. In addition, the low volume in the coin market can further impede the growth and chances of revival.
The capital inflow has been steadily increasing following the massive mid-June drawdown as depicted by the Chaikin Money Flow [CMF]. The MACD, on the other hand, appears to be on the cusp of a bearish crossover potentially suggesting an exhausting buying demand in the TRX market. The RSI’s movement has not been impressive either and has been rejected by the 50-median line on several occasions. The current rising trend depicted a weak buying sentiment among other TRX market participants.