Tron (TRX) Price Dream Run Over With A 33% Drop This Week?

Story Highlights

The Tron price recorded a new ATH of $0.4407 this month.However, the price has plunged over 33% since its all-time high.The technical indicators display increased bearish sentiment, highlighting a negative outlook.

The Tron price continues to display a negative price action by losing significant value from its portfolio over the past few days. Notably, this altcoin is presently trading at a discount of 33% from its ATH.

Considering the present market sentiments, is the Tron dream run exhausted? Or will this altcoin make a comeback and head toward a new high?

TRX Price Slits 1/3rd Its Valuation This Week!

The Tron price has dropped ~5% in 24 hours with a trading volume of $1.35 billion. Despite recording a surge of over 45% in seven days, it has plunged 33.27% in the last 5 days. This indicates a strong bearish reversal.

The Simple Moving Average (SMA) is on the verge of displaying a bearish crossover in the daily time frame. This highlights an increase in the selling pressure for the altcoin in the market.

Further, the Relative Strength Index (RSI) has recorded a significant downtrend, with its average trendline experiencing a negative convergence. This suggests a negative outlook for the Tron price this week.

Will Tron Rise Back Up?

Maintaining the price above its support level of $0.30 will set the stage for it to head toward its resistance level of $0.350. Furthermore, if the bullish sentiment sustains, this altcoin may retest its upper resistance level of $0.40 this month.

On the contrary, if the bears outrun the bulls, the TRX coin price will retest its support level of $0.250. Moreover, if the bearish sentiment intensifies, this could pull the price of this altcoin toward its low of $0.20.

Wondering about the long-term price prospects of TRX token? Read CoinPedia’s Tron Price Prediction. Also, subscribe to us to stay updated on the latest cryptocurrency news!

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