- Tron price prediction suggests that the token is trying to look out for the support below the consolidation phase.
- TRX crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
- The pair of TRX/BTC is at 0.000003068 BTCwith an intraday gain of 5.66%.
The momentum of the TRX cryptocurrency’s downturn is suggested by the Tron price prediction. To prevent slipping below the consolidation phase over the daily price chart, the TRX coin price must, nevertheless, draw in more purchasers. To maintain its value and stop the present trend, the TRX coin has to attract more buyers. In the previous 24 hours, TRX cryptocurrency lost almost 2.01% of its market capitalisation. In order to allow the token to move toward the higher price range of the consolidation phase, buyers must now step forward and lift the accumulation rate.
The approximate price of Tron is currently $0.0507, and as previously noted, it has lost 7.66% of its market value. However, during the intraday trading session, trading volume surged by 39.70%. This suggests that buyers are attempting to join the trade to save the TRX coin.
TRX coin price has been consolidating over the daily price chart. The token needs to attract more buyers in order to sustain before the lower price range of the consolidation phase. Meanwhile, volume change can be seen below average and needs to grow for TRX to sustain at the lower level. However, TRX crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average.
What do Technical Indicators suggest about TRX?
Technical indicators point to the TRX coin’s decline momentum. The significant decline momentum of the TRX coin is represented by the relative strength index. The RSI is at 43 and moving into oversold territory.
The momentum of the TRX coin’s fall is visible on MACD. After a negative crossover, the MACD line is lower than the signal line. Investors in TRX must watch the daily price chart for any directional changes.
Conclusion
The momentum of the TRX cryptocurrency’s downturn is suggested by the Tron price prediction. To prevent slipping below the consolidation phase over the daily price chart, the TRX coin price must, nevertheless, draw in more purchasers. To maintain its value and stop the present trend, the TRX coin has to attract more buyers. Meanwhile, volume change can be seen below average and needs to grow for TRX to sustain at the lower level. However, TRX crypto has fallen below 20, 50, 100 and 200-days Daily Moving Average. Investors in TRX must watch the daily price chart for any directional changes.
Technical Levels
Support Level: $0.048 and $0.040
Resistance Level $0.055 and $0.060
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/2022/11/13/tron-price-prediction-trx-departed-from-the-consolidation-phase/