Tron (TRX) was recently consolidating in triangle patterns, and a break beneath the short-term triangle pattern forestalled this bigger downward movement. The bigger triangle pattern spans from 6 cents to 10 cents so the resulting decline could be on the same height.
The values are also beneath the resistance-turned-support level, paving way for a move towards the next support level at 3 cents. Stronger selling pressure may result in a break beneath this level as the value has tumbled beneath its 100-day simple moving average on the daily chart.
TRON Price Today: Current Price of TRX
At the time of writing, the value of Tron (TRX) is $0.0467 after a decrease of 0.84 percent in the last twenty-four hours and a decrease of 20.56 percent in the past seven days. The digital currency is currently at the 10th position with a market cap of $3.08 billion, and the trading volume of the coin in the last twenty-four hours is $306.97 million.
Technical Price Analysis of Tron (TRX)
The relative strength index is treading sideways but it is showing signs of tiredness by the sellers or oversold conditions. A return in the bullish momentum could result in a brief pullback to the triangle bottom that is broken before more bears join the trend.
Nevertheless, stronger purchase pressure could result in a move back into the triangle or to the declining trendline close to the resistance level. Stochastic is as well signaling conditions of oversold, so chances are buyers will return.
Reactions to Tron’s Mainnet Launch
Tron’s Mainnet launch has had a few lackluster reactions as investors are waiting for more updates. Even at that, the firm continues to forge partnerships with other companies that could leverage the application of this particular digital currency, and this could increase the value of the coin later on.
Some analysts have also predicted that the third quarter of this year might be the turnaround phase for the digital currency after the testing stages of Odyssey 2.0 is over.