- Tron extends the bearish leg towards $0.0140 in spite of the oversold conditions.
- The technical picture remains in a deplorable state further spelling doom for the bulls.
Tron continues to suffer below the descending trendline resistance. The downtrend has been painful for the bulls as their effort to defend key support areas such as $0.018, $0.015 have ended up down the drain. TRX has extended the bearish leg to $0.01456 (November) low leaving the support target at $0.0140 untested.
Meanwhile, the price is teetering at $0.01537 below the 50 SMA on the 4-hour chart and the 100 SMA at $0.0178 and $0.01865 respectively. The Relative Strength Index is stuck in the oversold. Tron continues to explore lower levels despite being oversold in the short term.
The same bearish signals are emphasized by the Moving Average Convergence Divergence (MACD) currently at -0.000621. A minor bearish cross serves to cement the influence over the price. As long as the technical picture remains unchanged or worsens, TRX is likely to refresh lows at $0.0140. If push comes to shove, $0.01368 (October) will also be tested.
TRX/USD 4-hour chart
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