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Tron Price Analysis: TRX at $0.103 support, will the bears win?


TL;DR Breakdown

  • Tron price analysis for today is bearish.
  • The price has dropped to the support level at $0.10.
  • If the market remains bearish, the support might break.
  • Next, support is present at 0.09 USD.
  • The resistance is present at $0.107 price levels.

Tron price analysis for today is bearish as the cryptocurrency is currently trading at $1.04, which is a 1.33% drop compared to yesterday’s price. The price of the cryptocurrency has turned bearish after reaching the resistance at $0.122. The price movement surged from $0.08 to $0.12 from 8th September to 16th September. But next, the price dropped from $0.12 to $0.103 support levels.

The current scenario shows a drop in the coin’s trading volume by almost 38.33% and is now at $1,210,695,541.86. The market capitalization of Tron has dropped by over 2.33%, according to the data by Coinmarketcap. According to this data, the coin is currently witnessing a bearish trend in the short term which can be considered as a cool-off period.

This movement suggests that the support at $0.13 can break if Bitcoin falls below the current support at $47.8K. Although, for now, it is not likely that the cryptocurrency will fall below this price. Although, if this support breaks, we have another support at $0.09 and $0.08. The all-time high for Tron is 0.300, and the TRX/USDT trading pair is 65.20 percent below this price.

Tron price analysis: Technical indicators stay bearish

The Tron price analysis for today is bearish, and this can be made transparent using the readings from popular technical indicators. These indicators play a major role in revealing the price movement that is possible in the short term. Although, if you are looking for long-term forecasts, visit our Price Prediction Page.

Tron price movement can be tracked using the key Moving Averages. The Bollinger Bands currently show that the price action is above the 100-day Moving Average but below the 50-day Moving Average. If the bulls take charge, the TRX/USDT price might move upwards to gain control of the 50-day Moving Average as well. There are chances of a further surge if the 50-day Moving Average is conquered.

Tron price analysis using the Bollinger Bands reveals that a bearish trend can be seen in the short term. The 10% drop in the price of Bitcoin on 7th September is also a reason for the drop in the price of the TRX/USDT pair. Currently, the price action is situated in the lower of the Bands, and if the support doesn’t hold, we might witness TRX/USDT break out from the lower end of the Bollinger Bands.

Tron Price Analysis: TRX at $0.103 support, will the bears win? 1
Tron price analysis on the chart by TradingView

Tron price analysis using the Bollinger Bands reveals that a bearish trend can be seen in the short term. The 10% drop in the price of Bitcoin on 7th September is also a reason for the drop in the price of the TRX/USDT pair. Currently, the price action is situated in the lower of the Bands and if the support doesn’t hold, we might witness TRX/USDT break out from the lower end of the Bollinger Bands.

The MACD indicator shows that the price action turned bearish after a bearish crossover wherein the MACD line (the blue one) went below the signal line (the orange one), eventually turning the price action bearish. The histogram is flashing red, and there are chances of bulls taking charge if Bitcoin is able to make its move towards the $50K price level.

Tron price analysis
Tron price analysis on the chart by TradingView

Tron price analysis: Conclusion

Today’s Tron price analysis can be concluded on a bearish note as the cryptocurrency doesn’t have enough capacity to trade upwards. But, if this support stays in position and the price movement stays above it, there are chances that the price action will turn bullish soon.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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