The bears seem to be in control of the crypto market over the past couple of weeks, as only a little fraction of the market are controlled by the bulls. Digital currencies are sinking deep into the red, resulting in a massive loss in values.
Tron (TRX) is also affected by the wave in the market as it also experiences some losses in its value. The digital currency could be open for more losses as it breaks beneath the bottom of the descending triangle on the four-hour chart indicators.
TRON Price Today: Current Price of TRX
At the time of writing, Tron is down from its number 10th position to the number 11th spot on the list of top digital currencies in the world. The digital currency is currently trading at $0.0357 after a decrease of 8 percent in the last twenty-four hours and a decrease of 23 percent over the past seven days.
Tron (TRX) Technical Analysis
The longer-term 200-Day simple moving average is above the 100-Day simple moving average to indicate that the path of least resistance is currently heading south. This is a clear indication that the sell-off is like to resume rather than reversing.
Also, the 100 simple moving average is in line with the triangle’s top to add to its strength as a ceiling close to 0.042. On the other hand, the relative strength index is also heading south to indicate the presence of selling pressure, but the stochastic oscillator is gradually closing on the oversold territory.
The independent Day of Tron was a couple of days ago, and Tron activated its Mainnet after a migration to its independent public blockchain. According to a blog post by the company, the foundation gave out a small amount of TRX tokens during the 12-hour live stream so that the members of the community could test Tron Mainnet’s different features.