Tron (TRX) Price Dream Run Over With A 33% Drop This Week?
Story Highlights
- Tron price hit a new ATH of $0.4407 this month.
- However, prices have plummeted more than 33% since their all-time high.
- Technical indicators point to increasing bearish sentiment, underscoring the negative outlook.
Tron’s portfolio value has dropped significantly over the past few days, continuing to show negative price action. Notably, the altcoin is currently trading 33% below its ATH.
Considering the current market sentiment, has Tron’s dream run out of steam? Or will this altcoin make a comeback and head for new highs?
TRX price fell by 1/3 this week!
Tron price fell by about 5% in 24 hours, with trading volume at $1.35 billion. Although it rose more than 45% in 7 days, it plummeted 33.27% in the last 5 days. This indicates a strong bearish reversal.
The simple moving average (SMA) is on the verge of showing a bearish crossover on the daily time frame. This highlights the increased selling pressure on altcoins in the market.
Additionally, the Relative Strength Index (RSI) is showing a significant downward trend and its average trendline is showing negative convergence. This indicates a pessimistic outlook for Tron price this week.
Will TRON rise?
Sustaining the price above the $0.30 support will set the stage for a move towards the $0.350 resistance. Furthermore, if the bullish sentiment persists, the altcoin may retest the overhead resistance at $0.40 this month.
Conversely, if the bears outweigh the bulls, TRX token price will retest the $0.250 support. Furthermore, if bearish sentiment intensifies, the price of this altcoin may pull towards lows of $0.20.
Wondering about the long-term price outlook for the TRX token? Read CoinPedia’s TRON Price Prediction. Also, subscribe to us to stay up to date with the latest cryptocurrency news!
FAQ
For TRX price to achieve this goal, it would need to surge 234.67% from its current valuation.
The Tron token has a 24-hour trading volume of $1.351 billion and is currently valued at $0.2988.
