Tron Price Analysis: TRX Awaits Heavy Buy-Off That Could Send the Price To $0.026

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Distribution Territories: $0.023, $0.024, $0.026

Accumulation Territories: $0.022, $0.021, $0.020

TRX/USD Medium-term Trend: Bearish

TRX/USD is on the bearish trend on the Medium-term outlook. A low of $0.022 price level was recorded on March 12. The bullish momentum made the TRX  to climb the peak of $0.024 after broke up the price levels of $0.022 and $0.023. TRX then experience a sharp drop to $0.023 price level by the Bears’ pressure. Since then, the coin has been trading below the distribution territory of $0.023, establishing the descending channel pattern. The TRX price is trading within the channel towards the accumulation territory of $0.022. TRXUSD may continue to wave within the area of the channel.

From above, a heavy buy-off could send the TRX price to $0.024 and $0.026 price level provided the bullish pressure break up the upper trend line of the channel. From below, a huge sell-off might also make a bottom at $0.022 and $0.021 in case the accumulation territory of $0.022 does not hold. Meanwhile, the Relative Strength period 14 is at 50 levels with the signal lines bending towards the south indicate sell signal.

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TRX/USD Short-term Trend: Bearish

TRX/USD is on the bearish trend on the short-term outlook. The coin is under the bears’ pressure after a sudden drop in price from the high of $0.024 to the low of $0.023 price level. The TRX price is trading within the descending channel towards $0.022 price level.

At the moment, the RSI is at 40 levels with the signal line pointing down, suggesting a strong downward movement which may touch the accumulation level of $0.022. The coin is trading below 21 periods EMA and 50 periods EMA which indicate bearish momentum. Further increase in pressure of the Bears may break down the level and expose $0.021 price level.   


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.