Tron fails to reconquer 2018 bottom; might dip to record lows
Tron was once in the top 10 coins and had a community, however, in recent times, that is not the case. With over $780 million in market cap, the token has $1.01 billion in 24-hour trading volume.
The price of Tron has surged by 2% in the last 24 hours and -1.39% in the last 7 days. However, the small time frame surge will not impact a larger time frame picture. The one-day chart for TRX is a disaster and more seems to be on its way.
- Tron has failed to conquer a resistance level, which acted as a bottom in 2018.
- On top of this, the token has also formed a bearish pattern - rising wedge, indicating a trend downward on the daily time frame.
- As bearish as it sounds, TRX could dip as low as 18% and a maximum of 31.25%.
Tron's 24 Hour time frameSource: Trading View.
The formation of a rising wedge is the first bearish pressure that TRX is undergoing. Furthermore, as mentioned above, a failure to conquer resistance at $0.01143 is extremely bearish for the coin, especially, since these levels were last seen approximately 500 days ago. To make matters even worse, the RSI also looks topped off, eyeing a downtrend to the oversold zone. Especially after recovering from this zone only two weeks ago.
These are the following levels that should be observed closely (if TRX continues to drop in price), $0.00908, $0.008267, and $0.007675. In the same order, these levels constitute 18%, 26%, and 31% drop from the current price (of $0.0110).
Patterns like these (rising wedge) tend to always break to the downside. As shown in the chart, a pattern similar to the one formed now was observed from February 26 to March 07. The breakout from this pattern resulted in a drop of 22%. However, this pattern was smaller in size as compared to the one seen at the time of writing. Hence, a steep drop can be expected, hence TRX dipping 36% to reach 0.007675 can be a plausible possibility.
You May Also Read.
- OKCoin Adds Singapore Dollar to Provide ETH and BTC Exchange
- Japan’s LINE Closed BITBOX in Singapore, launches BITFRONT in the US
- Singapore’s Fiat-crypto Platform Coinhako Restricts Withdrawals After Invasion
About The Author
Nick LeesonNick Leeson is an avid trader and cryptocurrency enthusiast. Introduced to cryptocurrencies in early 2016 by a misclick on a YouTube video, Leeson has grown increasingly fascinated by them. He owns cryptocurrencies to trade and complete his goals of growing his accounts from scratch. Leeson's favourite cryptocurrencies include a lot of mid-cap altcoin projects that have the potential to actually disrupt the future. Any and all technical analysis/price prediction by Leeson is not a financial and/or investment advice of any sort.
Future1Exchange Introduces First Of Its Kind ...Jyoti Singh 11:57 AM 01 Jun 2020
Decentraland Users Watches Mega Launch of Spa...Vandana Malik 09:46 AM 01 Jun 2020
Bitmain Announces ASIC Miner Launch Under Ant...Vandana Malik 09:39 AM 01 Jun 2020
Prior To Launch Of Shelley Mainnet, Cardano A...Jyoti Singh 10:14 AM 01 Jun 2020
John McAfee Dismisses His Own $1M BTC Price P...Vandana Malik 10:22 AM 01 Jun 2020
Ever Heard About Selfish Mining?Aditya Nagar 10:45 AM 01 Jun 2020
Bitcoin Update: News After HalvingSujit Kumar 09:50 AM 01 Jun 2020
Max Keiser Believe Bitcoin Can Do Anything Th...Jyoti Singh 10:23 AM 01 Jun 2020
PlanB Predicts BTC Bull Run in Stock-To-Flow ...Vandana Malik 06:54 AM 01 Jun 2020
Winklevoss Twin And Vitalik Buterin Share The...Jyoti Singh 06:13 AM 01 Jun 2020