Amidst the bearish sentiment in the crypto market, TRON (TRX) has declined 15.72% in the past month. Despite a slight 1.49% gain in the last 24 hours, TRX's market cap remains over $10.3 billion. The 24-hour trading volume of $359,936,399 paints a less optimistic picture, decreasing by 3.11%. With a circulating supply of 87,715,383,863 tokens, TRX's technical analysis suggests a potential retest of support levels at $0.1082 and $0.1223.
Tron (TRX) Endures Bearish Market Conditions, Technical Analysis Reveals Potential Future Trends
Tron (TRX), like the broader cryptocurrency market, has been grappling with bearish sentiment. Currently trading at $0.1184, TRX has experienced a 15.72% decline over the past month and a 1.49% decrease over the past seven days. However, the token has managed to salvage a modest 1.49% gain in the last 24 hours.
Tron's market capitalization exceeds $10.3 billion, but the 24-hour trading volume paints a less optimistic picture at $359,936,399, marking a 3.11% decline. The volume-to-market cap ratio stands at 3.47%, indicating a relatively moderate level of trading activity. The circulating supply of TRX tokens approaches its total supply of 87,715,400,161, currently at 87,715,383,863.
Tron's technical analysis unveils a bearish trajectory throughout March, following resistance at $0.1451. Despite intermittent bullish activity, the current prices remain below the previous week's close, suggesting a continuation of the downtrend.
The next potential support level for TRX is the ascending triangle or horizontal support at $0.1082. On the daily chart, prices have been bearish since February 28th, with a rejection at $0.1451. However, an ascending trendline has provided support since March 19th, leading to a bullish bounce until the last two days.
Currently, TRX is trading near the ascending trendline, hinting at a potential retest of this critical support. A breakdown could lead to further declines towards lower horizontal support levels. The Relative Strength Index (RSI) at 42 indicates the possibility of entering oversold territory or approaching it, signaling potential bullish reversal in the near term.
The 4-hour chart exhibits bullish momentum as prices approach a confluence of resistance above. One resistance is the lower time frame ascending trendline, and the other is a horizontal resistance zone ranging from $0.1223 to $0.1235. A rejection at this double resistance could trigger a pullback towards lower timeframe supports.
As the cryptocurrency market continues to fluctuate, traders should monitor TRX's price action closely, analyzing technical indicators, and support/resistance levels to determine potential entry or exit points. While the current sentiment favors the bears, the presence of support levels in higher timeframes offers hope for a potential bullish reversal in the foreseeable future.
