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  • Tron price drops by 10% to lose the $0.10 support.
  • TRX could stretch the bearish leg towards the $0.094 support wall.
  • Tron sends multiple bearish signals on both daily and four-hour charts validating the bearish bias.

Tron price recorded higher highs for 5 consecutive days between August 31 and September 06 in a 28% rally. However, TRX took a on Monday after being rejected at the $0.105 resistance level.  It then dropped in a downward price action dropping more than 10% in the last 24 hours to trade below the $0.10 psychological level.

The Tron Price May Drop Below $0.094

The Tron price is currently trading at 0975 with a bearish bias. The Nose-diving Relative Strength Index (RSI) indicator away from the overbought zone is an indication shows that the bears are currently in control of the TRX/USD price.

Therefore, the short-term Tron price prediction is bearish after failed to hold TRX above the $0.10 psychological level. The current price action shows that the bears are focused on breaking the immediate support at the $0.094 level. A daily closure below this could pull the Tron price downwards towards the $0.082 support wall embraced by the 200-day Simple Moving Average (SMA). There is robust support around this area that could allow the bulls to regroup before attempting another move upwards.

TRX/USD Daily Chart

Tron Price Daily Chart
Tron Price Daily Chart. Source: Tradingview

Technical Indicators Validate TRX’s Bearish Thesis

A technical outlook from the TD Sequential and the Relative Strength Index (RSI) indicators validate the possibility of TRX’s bearish bias continuing in the near future. For example, TD Sequential indicator recently flashed a sell crypto signal in the form of a green nine candlestick on the daily chart. This implies that the Tron’s bullish outlook is fading, albeit gradually as overhead pressure suppresses the TRX price. The RSI’s sharp movement  downwards towards the mid-line is a bearish signal.

TRX/USD Price Chart

Tron Price Daily Chart
Tron Price Daily Chart. Source: Tradingview

Also a look at the four-hour chart shows that both the parabolic SAR and the SuperTrend indicator have sent a sell signal. This happened earlier today when the Parabolic SAR reversed from positive to negative and moved above the price. The SuperTrend indicator also reversed from green to rend and flipped above the price signalling a trend reversal. Note that as long as the Parabolic SAR and the SuperTrend remain above the price, the Tron price will remain bearish in the near-term.

Also the sharp movement of the MACD and RSI indicator on the four-hour chart shows that Tron’s market momentum is significantly bearish.

TRX/USD Four-Hour Chart

TRX Four-Hour Chart
Tron Price Chart. Source: Tradingview

On the flip side, a daily closure above the immediate resistance level at $0.10 psychological level could trigger buy orders that could see the Tron price rally to overcome the $0.105 resistance level or even higher towards the May 18 range high at $0.125.

  • Are you seeking to buy TRX? This list of best crypto brokers is a good place to start.

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