The Tron price continues to display a negative price action by losing significant value from its portfolio over the past few days. Notably, this altcoin is presently trading at a discount of 33% from its ATH.
Considering the present market sentiments, is the Tron dream run exhausted? Or will this altcoin make a comeback and head toward a new high?
The Tron price has dropped ~5% in 24 hours with a trading volume of $1.35 billion. Despite recording a surge of over 45% in seven days, it has plunged 33.27% in the last 5 days. This indicates a strong bearish reversal.
The Simple Moving Average (SMA) is on the verge of displaying a bearish crossover in the daily time frame. This highlights an increase in the selling pressure for the altcoin in the market.
Further, the Relative Strength Index (RSI) has recorded a significant downtrend, with its average trendline experiencing a negative convergence. This suggests a negative outlook for the Tron price this week.
Maintaining the price above its support level of $0.30 will set the stage for it to head toward its resistance level of $0.350. Furthermore, if the bullish sentiment sustains, this altcoin may retest its upper resistance level of $0.40 this month.
On the contrary, if the bears outrun the bulls, the TRX coin price will retest its support level of $0.250. Moreover, if the bearish sentiment intensifies, this could pull the price of this altcoin toward its low of $0.20.
Wondering about the long-term price prospects of TRX token? Read CoinPedia’s Tron Price Prediction. Also, subscribe to us to stay updated on the latest cryptocurrency news!
For TRX price to achieve this target, it will require a surge of 234.67% in its current valuation.
With a 24-hour trading volume of $1.351 billion, the Tron token is currently valued at $0.2988.
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