Tron Spirals From 30-day Low; Trades Around $0.014

Tron currently trades at $0.0144–having rose from the 30-day low, it hit near $0.013. Just as all the major coins and altcoins have recorded a mixed momentum in the previous trading month, TRX coin also hit a high at $0.0200 and a low at $0.013.

The midmonth downtrend was quite emphasized as it led a rapid swift from 78.60% Fib Retracement to 0.00% Fib Retracement level. As per the daily moving averages, there is no grounded support from the short-term or long-term moving averages around the current trading price area. The major point of resistance here can be served by $0.0150–which forms to be around 50-day MA.

Tron Price Prediction:

TRX/USD Price ChartAnalyzing the daily 6-month movement of TRX/USD on Bittrex, we see that the Tron has had an impulsive bearish rush from mounting at $0.040. However, currently, it is not even half of the 60-day high price and has recorded a low at $0.011 within the same time frame. Having risen from the ultimate lowest consolidating point, TRX coin could only grace till $0.022, which happens to be the 90-day high.

Tron (TRX) ChartHowever, on analyzing the trend keenly, we see that the coin’s 30-day movement had a mix of momentums. Initially, Tron cryptocurrency was moving firmly around $0.020 price area, until the mid of November when volatility slipped in. The current trading price of TRX coin is even below 23.60% Fib Retracement level which shows the existence of bearishness and lack of active supports. On the upside, Tron coin is ought to face resistance at $0.015 and $0.017 which forms to be 50-day and 200-day MA.

The MACD of the coin is also running bearishly below zero as a signal line, and the MACD line moves together.

While the RSI of TRX is at 42.45 shows no extremities but holds an inclination towards the oversold region.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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