Tron [TRX] Price Action: Lower Low Forms

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Tron Daily Chart – Source: Tradingview.com

The bearish drops which took place across the cryptocurrency market over the past few days resulted in a change in the market structure for Tron.

The drop has resulted in the price of Tron forming a lower low, a more bearish market structure.

Tron has been the best performer among top cryptocurrencies recently.

Data from Messari show price appreciating 4.69% over the past seven days and 38.23% over the past thirty with all other top ten cryptocurrencies recording losses over these time periods.

The outperformance of Tron may be due to it surpassing its 200 simple moving average (SMA) which is often used by analysts as a gauge for the direction of the long-term trend.

Tron 4-Hour Chart – Source: Tradingview.com

Tron has since started to recover from its bearish drop but has been meeting resistance at $0.028.

$0.028 was also a point of resistance last week, and it took several tests before price eventually overcame this point.

The key level below price to monitor is $0.0248 which is the point where price sharply declined during bearish market conditions in mid-November.

The daily 200 SMA is also a key level to monitor below price.

Key takeaways:

  • Tron has been forming a more bearish market structure with a lower low formed.
  • Tron has since started to recover but is meeting resistance at the $0.028 level which took several tests to overcome last week.
  • Tron has been outperforming all other top cryptocurrencies recently which may be due to it surpassing its 200 SMA.
  • The key levels to monitor below price are the $0.248 level and the daily 200 SMA.

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