Tron (TRX) Price Watch: Bears Are Back in the Game
Tron Price Key Highlights
- Tron is still trending lower inside its descending channel visible on the 4-hour chart.
- Price got rejected at the resistance again and is moving lower to test the Fibonacci extension levels.
- Technical indicators are giving mixed signals on whether bullish pressure could return or not.
Tron price bounced off its test of resistance and is setting its sights back on the downside targets marked by the Fib extension tool.
Technical Indicators Signals
The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, the downtrend is more likely to resume than to reverse. Both the 100 SMA and 200 SMA have held as dynamic inflection points also.
Price has tumbled below the 38.2% extension and is now testing the 50% level at 0.03428. A break below this could take Tron to the 61.8% extension or 0.03190 or the 78.6% extension at the bottom of the channel or 0.02850. Stronger selling pressure could take it to the full extension at 0.02420.
RSI is heading lower but may hit the oversold region soon, reflecting exhaustion among sellers. Stochastic is already in oversold territory and looks ready to turn higher to signal a pickup in bullish pressure. In that case, Tron might be able to make a quick bounce back to the nearby resistance levels or the area of interest around 0.04000.
Altcoins have had quite a good run int he past week but Tron has been unable to hold on to majority of its gains. Part of this may be due to the lack of follow-through on its mainnet launch or the absence of any major catalysts particular to this digital asset lately.
Bitcoin is raking in most of the demand in this space as the focus now turns to the SEC decision on the ETF. Rejection could lead to a dip for the industry overall but approval could still favor bitcoin in terms of price gains versus its rivals like Tron.
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