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TRON Price Analysis: TRX/USD consolidates under 0.150

  • TRON trades over 5% lower on a tough Thursday for cryptocurrencies.
  • The price now seems stuck between a rock and a hard place. 
TRON Price Analysis: TRX/USD consolidates under 0.150
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

TRX/USD 4-hour chart

TRX has not been immune to the crypto sell-off on Thursday. The pair has now made a lower high lower low pattern on the 4-hour chart which could indicate more bearishness is yet to come. 

The price has also moved below both 55 and 200 moving averages. The 200 simple moving average tried to provide some support but the pressure was too strong. The main support zone now stands at 0.01380. 

The volume has also picked up on the downside indicating that this sell-off could be here to say. The Relative Strength Index is also in a very oversold area which indicates there could be there a small pullback before the underlying trend continues.

TRX breaks lower

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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