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Tron [TRX] Price Back on Downward Spiral- Support Turned Resistance!!

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$0.03 has been a long-term important level for the price of Tron and the recent break below this level has been a bearish sign for the cryptocurrency. Price retraced back up and support has now effectively turned to resistance as anticipated in a previous technical analysis post.

The recent low has been $0.028 and with Tron again recording losses, the big question is whether it is set to go even lower than $0.028. A lot of factors would indicate it will go lower than this point. Tron has been following the general direction of the overall cryptocurrency market and with Bitcoin currently at sub-$7k levels, further downward movements are likely for the price of these coins.

Tron Daily Chart

On the hourly, we also have a number of bearish signals. The MACD has just performed a centreline crossover to the downside, a typical bearish signal, along with significant volume on the downside break. Any upward movements are likely to be met by resistance of the 50 and 100EMA making further downward movements more likely. The hourly 100EMA is currently trading around the $0.03 mark so there will be significant resistance at this point should price rise back up.

Tron Hourly Chart

Key Takeaways:

  • Price dropping below $0.03 is not a good sign for the price of Tron
  • $0.03 has turned from support into resistance
  • MACD centreline crossover recently occurred on the hourly
  • Upward movement is likely to be met by resistance on the hourly 50 and 100EMA
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Tron [TRX] Price Back on Downward Spiral- Support Turned Resistance!! was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.