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You are here: Home / News / Tron News / Tron’s [TRX] price fall into a lull ahead of imminent death cross
Tron's [TRX] price fall into a lull ahead of imminent death cross

Tron’s [TRX] price fall into a lull ahead of imminent death cross

July 5, 2021 by Chayanika Deka

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:

TRX2
Tron's [TRX] price fall into a lull ahead of imminent death cross 4

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.

TRX
Tron's [TRX] price fall into a lull ahead of imminent death cross 5

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.

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

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