TRX PRICE Analysis: Is the correction over for TRON Coin?

•TRX/USD is currently priced at $0.063 and has increased by 0.36% over the past day

•The trading volumes have decreased by 20.80% over the past day 

•The technical indicators suggest a period of consolidation for the near term 

Short Term View: TRON Price action shows signs of life

The TRON price today is $0.063057 USD with a 24-hour trading volume of $262,038,813 USD. TRON is up 0.36% in the last 24 hours. The trading volumes have decreased over the past day as the altcoin struggles to attract buyers at the current price levels. The Volume to Market Cap Ratio, on the other hand, stands at 0.04498 for the altcoin.

TRON has been engulfed in bearish pressure for the past few weeks and months and is currently transacting significantly below its all-time high of $0.3004 which it clocked on Jan 05, 2018. The trading volume of TRON has declined over the past day even as the TRON Price continues to transact below the 20,50 SMA on the four-hour chart. If the altcoin breaks above the $0.07 resistance level then it could invalidate the bearish thesis for the coin. On the flip side, being stuck at the present price level for too long could drag TRON Price down to $0.050 level. The next couple of days will be crucial in deciding the shirt term fate of the asset.

Long Term View for TRON Price 

The technical indicators for TRON display a recovery of buying strength as the RSI is currently transacting at 42.96. The Relative Strength Index has swiftly climbed above the zero-line which stresses the presence of bulls in the market. The MACD indicator shows that the red histograms are decreasing in size on the daily chart. Although the MACD and signal lines are transacting in the negative territory, we could be about to witness a bullish crossover occur on the daily chart. 

Conclusion 

TRON seems increasingly likely to remain in the same price rut as the asset is struggling to attract buyers at the current price levels. Until the buyers are able to substantiate the uptrend, TRON Price is unlikely to go on an uptrend.

Support: $0.060-$0.050

Resistance: $0.070-$0.075

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 


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