- Token has shown bearish action in previous sessions.
- Token is trading below the demand zone on a daily time frame.
TRON coin, Tron, Tronix, or TRX are all similar names and variations for the TRON coin. TRON, like many other cryptocurrencies that debuted in 2017, was designed to outperform Bitcoin (BTC) and Ethereum by providing quicker and cheaper transactions, as well as enhanced smart contracts, dApps, and other services. Most significantly, TRON is designed to scale more efficiently than Ethereum.
TRON (TRX) faces rejection at 50 EMA
The token is on a long-term downtrend, and all highs have been rejected. As we can see, TRX is currently trading at $0.051 with a loss of -1.75% in the past 24 hours. The token is forming lower highs and lower lows and is now trading below the 50 and 200 EMAs. (Red line is 50 EMA and the blue line is 200 EMA). Recently, the token was rejected at the 50 EMA and plummeted precipitously. It is continuously encountering opposition at the 50 EMA and is unable to maintain a position above it.
Relative Strength Index: The asset’s RSI curve is presently trading at 33.91, indicating that it is in the oversold zone. The RSI has crossed the 14 SMA in downward direction indicating bearishness. Since the price was strongly rejected at the 50 EMA and was not able to cross it, the value of the RSI curve dropped as well. If the price goes below $0.049, the value of the RSI curve will fall even more.
Analyst view & Expectations
Bears are looking strong and are driving the token price down. The token appears to be weak, and the indicator is also indicating a bearish trend. Investors are recommended not to buy now and to wait for a trend reversal. Intraday traders, on the other hand, have a strong opportunity to go short now or for further confirmation can wait for the token to break the $0.049 level.
According to our current TRON (TRX) price prediction, the value of TRON (TRX) will fall by -0.41% and hit $ 0.051630 in the next few days. Our technical indicators indicate that the current sentiment is bearish, with the Fear & Greed Index reading 25. (Extreme Fear). TRON (TRX) has seen 15/30 (50%) green days in the previous 30 days, with 1.45% price volatility. According to our TRON (TRX) forecast, now is not the moment to buy TRON (TRX).
Technical Levels
Major support: $0.049
Major resistance: $0.055
Conclusion
On a daily time frame, the token is trading below the demand zone. Following a significant rejection at the 50 EMA, the token’s price dropped sharply. Investors are advised to wait for a clear indication before investing.
Disclaimer: The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/01/08/trx-price-analysis-token-faces-resistance-at-50-ema-whats-next/