TRON: Key Findings
- TRX remains under an overall downtrend since the price failed to exceed the critical resistance at $0.06530.
- Recently, the price tried to revive the bullish momentum but got rejected from the current resistance at $0.0576.
- TRON is trading below the 21 and 50 EMA, suggesting a fresh downside rally.
- The Relative Strength Index (RSI) dropped below 50, indicating a bearish momentum.
- The price may return to the recent market low at $0.04522 following the current downtrend.
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TRON (TRX) Technical Analysis
TRX tried to exceed the $0.0650 level several times but got strongly denied by the resistance on November 9th that kept the price under the long-term downtrend.
Although the price maintained a bullish momentum since it rebounded from the support at $0.04522. However, the momentum weakened after the price got rejected at the immediate resistance ($0.0576).
The price has already broken the dynamic support at 50 EMA. Besides, the 21 EMA maintains below the 50 EMA, suggesting a bearish crossover.
According to RSI, the momentum index has dropped below the 14 SMA and currently holding below 50, which indicates bears are still in the dominating position.
Furthermore, The number of transactions taking place on the network drastically decreased. Data from TRONSCAN shows that the volume of daily network transactions dropped from 7.5 to 6.3 million during the past two weeks.
We’ll remain bearish with TRON until the price exceeds the current resistance at $0.0576. Also, our downside target will remain at the long-term support near $0.04522 as long as the price holds below the immediate dynamic resistance at 50 EMA.