Tron price has been on downward momentum since hitting a six-month high at 0.1294 in mid-November. Since then, it has dropped by about 38.78%.
According to CoinMarketCap, the altcoin’s market cap is down by 0.52%. Over the same period, its trading volume has declined by 7.85%. With the Christmas holidays yielding a thin market, Tron price will likely record subtle movements in the ensuing sessions.
Overall, the outlook is bearish. For a trend reversal to occur, there will need to be enough bullish momentum to push the crypto to and past the psychological level of $0.1000.
TRX is trading sideways after rebounding from the week’s low. On Monday, it dropped to a two-and—half-weeks low at 0.0731 before bouncing back. It is currently at 0.0790; down by 0.05%.
On a four-hour chart, Tron price is trading slightly below the 25 and 50-day exponential moving averages. Besides, it is below the long-term 200-day EMA. For as long as the altcoin remains below the 200-day EMA, as has been the case since late November, the outlook remains bearish.
In the immediate term, it will likely continue to experience resistance along the 50-day EMA at 0.0813. A move above that level may push it to 0.0875 before pulling back. On the lower side, the support levels to look out for are 0.0731 and the psychological zone of 0.0700.
This post was last modified on Dec 23, 2021, 06:53 GMT 06:53