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Tron Price Analysis: TRX/USD drops back inside the triangle formation

FX Street
Published date:
  • TRX/USD dropped below the SMA 20 curve.
  • MACD shows increasing bearish momentum.
  • Elliott Oscillator has had eight straight red sessions.

TRX/USD daily chart

TRX/USD daily chart

TRX/USD bears took control of the market following three consecutive bullish days as the price dropped from $0.0176 to $0.01713. The MACD shows increasing bearish market momentum, while the Elliott Oscillator has had eight straight red sessions. Both these indicators show that current market sentiment is overwhelmingly bearish. The price has dropped below the SMA 20 over the day and fallen back inside the triangle formation.

Support and Resistance

TRX/USD faces strong resistance levels at $0.0.176, $0.0175 (SMA 20) and $0.0181. On the downside, healthy support lies at $0.01698, $0.01687 (SMA 50) and $0.0166. 

 

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