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Breaking: Tron Bearish Below Key Support

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This is the fifth consecutive day of losses for Tron which has continued seeing large losses amid the downturn in the crypto markets. Today, the price dropped below the key $0.03 level but it has managed to climb back since then. A close below this price would be extremely bearish and we would expect further drops if this is the case.

Amongst the negativity, there are two positive signals for the price of Tron.  The first is that $0.03 is still acting as an important support level with prices currently failing to stay below these levels.  Secondly, there has been a progressive drop in volume which may show that the continued downward price movement is coming to an end.

Tron Daily Chart

The 4hr chart shows the fall below the key support along with the clawback. One bearish scenario is this could be a case of support turned resistance, and although price action is trading around the level, it could fail to properly rise above it. If this is the case, the outlook for the price is very negative and it would be likely that the next directional move would be a large one to the downside.

Tron 4hr Chart

The hourly chart provides a closer look again of price action trading just around the $0.03 level. The most important thing to monitor for traders is whether the price can manage to close above or below this important level.

Bitcoin Hourly Chart

Key Takeaways:

  • Price action has dropped below key support at $0.03 but has bounced back up to the level since. A close on the daily below this point will be bearish
  • A case of support turned resistance will also be extremely bearish making it likely that the next big directional movement would be to the downside
  • Price action currently trading in a range around the important level as traders speculate on the next movement
  • Tron has been in sync with the overall market for the past week recording losses in line with the general performance of the overall market
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Breaking: Tron Bearish Below Key Support was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.