TRON price nosedives by 21% in just 2 days from the weekly high of $0.01330 and currently surrounds at $0.0104. Nonetheless, the whole crypto market has turned red as the global crises worsen due to the pandemic outbreak.
TRON Price Analysis
Analyzing the TRX coin chart against the US Dollar on Binance, we see that the coin has experienced a notable downfall after a volatile break out in the previous week. Over the past 7 days, the Tron price trend has slid from 61.80% Fib Retracement Level to below 38.20%, leading to refraining support from the daily imminent 20-day and 50-day moving average. Undoubtedly, the price accumulation has shifted to the upper price zone after rising from the extreme support marked at $0.00656. Alongside, the price trend of TRX is hitting below the lower 20-day Bollinger Band, showing the emphasized bearishness.
The technical indicators are throwing out similar signals regarding the extended fall and bearishness that is prevailing as the MACD and signal line turn flat and appear slightly bearish sue to intraday fall.
Similarly, the RSI of the TRON coin is also lying at 36.71 and holds a strong possibility of hitting below the support at 30, if the price descends even further.
