Tron Price Action – More Bearish Pattern Forming for TRX
Tron ended its outperformance this week as a bearish start to the week resulted in tron underperforming other top cryptocurrencies.
Data from Messari show Tron depreciating 6.32% over the past seven days while major cryptocurrencies such as Bitcoin and XRP have declined 3.78% and 2.85% respectively.
The main bullish argument for Tron is price still trades above its 200 simple moving average (SMA) on the daily chart.
The 200 SMA is used by many analysts to identify the direction of the long-term trend, and if the price drops towards where the 200 SMA is trading, support will be expected to come into play.
The main bearish argument is the price is now entering a more bearish market structure after forming lower lows and lower highs during the week.
This will likely result in more traders looking to enter short positions, putting further downward pressure on price.
$0.028 has long been an important resistance point for Tron.
$0.028 to $0.031 was an important area of consolidation during bearish declines in August, and when price recovered from the initial drop at the start of the week, it met resistance at $0.028.
It has since been finding buyer liquidity between $0.026 and $0.0248.
- Tron underperforms top cryptocurrencies such as bitcoin and XRP this week.
- The main bullish argument for Tron is that price trades above the 200 SMA.
- The main bearish argument is the price is forming a series of lower lows and lower highs.
- Price has met resistance at $0.028 during the week and has found buyer liquidity between $0.026 to $0.0248.
Tron Price Action – More Bearish Pattern Forming for TRX was originally found on copy trading cryptocurrency | Blockchain News | Bitcoin News | blokt.com.