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Even though the Tron token is in the second spot on the daily crypto mover’s list, it has been there for bearish reasons. In fact, all the coins on this list are bearish to varying degrees. Following the downward correction that started in the previous session, today’s trading activity has extended the downward correction and threatens to drive the market lower.
Tron Statistics:
Current TRX Value: $0.1235
Tron Market Cap: $10,781,401,792
TRX Circulating Supply: 87,159,505,804
Tron Total Supply: 87,159,511,654
TRX CoinMarketCap Rank: 11
Key Price Levels:
Resistance: $0.1300, $0.1400, and $0.1500
Support: $0.1200, $0.1100, and $0.1000
Tron Market Descends Below the 20-Day EMA
While the Tron market has witnessed an additional price decline of 2.54%, price action on the daily chart can be seen falling below the 20-day Exponential Moving Average (EMA) lines. Nevertheless, the day’s session, as of the time of writing, has reduced momentum compared to the previous session.
As price action continues to descend below the EMA lines, bearish anticipations also strengthen. The Stochastic Relative Strength Index (SRSI) lines can be seen falling sharply into the oversold region of the indicator, aligning with the bearish tone of the market.
TRX Market May Come Under Intense Bearish Pressure
Downward forces are increasingly gaining momentum in the Tron market. On the 4-hour chart, the market has fallen below the 20, 50, and 100-day EMA curves, revealing that bears are fast gaining ground. The ongoing session stands only above the 200-day EMA lines and is represented by a price candle with moderate body size.
Meanwhile, the SRSI indicator lines have fallen further into the oversold region. The leading lines of the indicator have reached the terminal of the oversold region at 0.00. At this point, it appears that the market is eyeing the next technical support level, making crypto signals targeting the $0.1200 mark useful in this market. However, a rebound at the last EMA at the $0.1220 price level seems possible.
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