TRON Price Analysis: The TRX/USD chart has not turned bullish yet
- TRON trades around 2.34% lower on Wednesday as bullish momentum wears thin.
- The price is losing now hovering just under the 23.6% Fibonacci level.
TRX/USD daily chart
TRON has been selling off heavily for a month. 0.026500 was the high on February 15th and now the pair trades at 0.01120 around 57% lower. After the bounce off the low of 0.00711, the price then met resistance at the 23.6% Fibonacci retracement zone. The price is also trading under the 55 and 200 moving averages.
From a longer-term perspective, it's safe to assume the price is still in a downtrend especially after the low of 0.012281. The indicators have also turned bearish with the RSI under the 50 mid-line but it has bounced off the recent lows. On the daily chart, the selling volume far outweighs the buy-side but on the hourly timeframe, there is one buying spike.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
