Tron (TRX) Loses -21.05% Under 24-hours Following Recent Massive Sell-off

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  • Tron (TRX) is now trading below the two weeks ascending channel pattern, facing a key support level at $0.01.
  • The technical indicators reflect a strong bearish trend owing to the current sudden bear surge.

The recent sell-off has made the price of Tron to plunge drastically from $0.17 to $0.117, amounting to a price change of -21.05% a few hours ago. In fact, the technical indicators have similarly fallen to their lowest levels as the trend turns out in favor of the bears. As of now, TRX is falling as the market looks for nearby support to contain the current massive drops. However, the $0.01 zone could provide support for the market if the selling pressure continues.

Tron’s Current Statistics

Trading Price: $0.0127

Market Capitalization: $853,336,632

Trading Volume: $720,825,286

Key Resistance Levels: $0.014, $0.016

Key Support Levels: $0.012, $0.01 

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Tron Price Prediction for September 24, 2019

Following the ongoing down-surge, the TRX/USD pair has successfully broken the ascending channel pattern to the downside, now approaching near support at $0.010. Meanwhile, the token is currently trading a $0.0127 price level. Now, the price action is eroding bearishly on the 4-hour time frame after a huge sell-off.

If the $0.012 can act as a support level, the price of Tron may retest previous resistance at $0.014 and $0.016. As of now, there’s no sign for a bullish move. The primary support for this market lies at $0.01 level. On the long-term perspective, TRX is still suggested to be following a bearish sentiment.

Conclusively

As long as the sellers continue to release pressure in the market, we can expect the TRX/USD pair to remain in a downward range. On the other hand, if the bulls can regroup back, we may see a trend reversal. But as it stands now, Tron is showing an intense weakness as the market falls.

Technical Indicator Reading

The RSI has now dropped below the 30 level after witnessing a colossal Tron price reduction over the last few days.

The MACD has switched back beneath the zero level following the recent channel break down at $0.017.

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