Tron price has been on a downtrend since mid-November when it hit a 6-month high. According to CoinMarketCap, its market cap had dropped by 3.41% over the past 24 hours. During the same timeframe, its trading volume has risen by 32.41%. The altcoin, which is ranked 28th in the crypto market, has had its price fall by 3.41% in a span of 24 hours.
TRX has bounced off Monday’s low of 0.0612. At the time of writing, the crypto was up by 1.05% at 0.0641.
Even with the rebound, Tron price remains on a months-long downtrend. After hitting a six-month high at 0.1295 in mid-November, it has dropped by over 50%.
On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages. It is also below the long-term 200-day EMA. The descending trendline further substantiates the bearish outlook.
In the short term, I expect Tron price to remain under pressure. In the short term, it will likely rebound further to the 25-day EMA at 0.0664 before pulling back. Subsequently, it may trade within a tight range with Monday’s low of 0.0612 as the support level.
A move below the range’s lower border may place the support zone at the psychologically crucial level of 0.0600 or lower at a six-month low of 0.0557.
On the flip side, a rebound past the resistance level of 0.0664 may have the altcoin rise further to the 50-day EMA at 0.0693. Even with such a surge, it would still be in the bear market. For a trend reversal to occur, there will need to be enough bullish momentum to push TRX to the crucial level of 0.0800.
This post was last modified on Jan 11, 2022, 07:07 GMT 07:07