- TRON (TRX) faces a bearish market with recent losses but gains slightly in 24 hours.
- Technical analysis suggests potential support and resistance levels for TRX.
TRON (TRX), one of the prominent cryptocurrencies in the market, has been facing a challenging period amidst the overall bearish sentiment prevailing in the industry. Despite recent gains, TRX has struggled to maintain its upward momentum.
Over the past month, TRON (TRX) has witnessed a significant decrease in value, reflecting the broader bearish sentiment in the crypto market. Trading at $0.1175, TRX has experienced a 1.95% drop in the last seven days. Despite these setbacks, the token achieved a modest 0.2% gain in the last 24 hours, indicating resilience amidst the market turmoil.
TRON’s market capitalization currently stands at over $10.3 billion, showcasing its position among the leading cryptocurrencies. However, the 24-hour trading volume is less optimistic, at $306,399,774, and has decreased by 16.51% in the last 24 hours. The volume-to-market cap ratio indicates moderate trading activity, suggesting cautious investor sentiment.
Tron Technical Analysis
TRON (TRX) has been trading bearishly, encountering resistance at the $0.1451 level. Recent weeks have seen fluctuations in price, with occasional bullish activity amidst the overall bearish trend. However, current prices remain below the previous week’s close, signaling a continuation of the bearish trajectory.
TRON has been on a bearish trajectory throughout March, encountering resistance at the $0.1451 level. Despite some bullish activity last week, indicated by a green weekly candle, the current prices suggest continuing the bearish trend. The next potential support level for TRX lies at the ascending triangle or the horizontal support level marked at 0.1082 should a successful breakdown occur.
On the daily chart, TRX prices have been bearish since February 28th, finding support at an ascending trendline on March 19th. A potential retest might occur when trading close to this critical support level. In the short term, bullish momentum has been observed on the 4-hour chart as prices approach a confluence of double resistance. This resistance consists of a lower timeframe ascending trendline and a horizontal resistance zone ranging from 0.1223 to 0.1235. Immediate support lies at the ascending trendline below the current price level.
Market Sentiment and Tron Foundation’s Legal Defense
According to Santiment, The 7-day RSI for TRX has decreased from highs of 84.6 to 60.8, indicating a balanced market sentiment and equilibrium between buyers and sellers. This period of consolidation implies stable prices within a narrow range, likely to dominate in the upcoming days. Despite increased activity, there has been a decline in the number of traders holding TRX, suggesting a move towards lesser price volatility.
Despite recent gains and significant market capitalization, TRX struggles to maintain upward momentum. Technical analysis suggests the presence of support levels, but market fluctuations continue to impact TRON’s performance.
It is worth noting that this bearish stance comes amid the Tron (TRX) Foundation filing a 62-page document with a New York federal court. The aim was to counter the Security and Exchange Commission (SEC) claims in a subpoena issued earlier to Justin Sun, the Tron Foundation, and related entities.
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