Tron ( $TRX ) Price Dream Run Over With A 33% Drop This Week ?
The Tron price continues to display a negative price action by losing significant value from its portfolio over the past few days. Notably, this altcoin is presently trading at a discount of 33% from its ATH.
Considering the present market sentiments, is the Tron dream run exhausted? Or will this altcoin make a comeback and head toward a new high ?
TRX Price Slits 1/3rd Its Valuation This Week!
The Tron price has dropped ~5% in 24 hours with a trading volume of $1.35 billion. Despite recording a surge of over 45% in seven days, it has plunged 33.27% in the last 5 days. This indicates a strong bearish reversal.
The Simple Moving Average (SMA) is on the verge of displaying a bearish crossover in the daily time frame. This highlights an increase in the selling pressure for the altcoin in the market.
Further, the Relative Strength Index (RSI) has recorded a significant downtrend, with its average trendline experiencing a negative convergence. This suggests a negative outlook for the Tron price this week.
Will Tron Rise Back Up ?
Maintaining the price above its support level of $0.30 will set the stage for it to head toward its resistance level of $0.350. Furthermore, if the bullish sentiment sustains, this altcoin may retest its upper resistance level of $0.40 this month.
On the contrary, if the bears outrun the bulls, the TRX coin price will retest its support level of $0.250. Moreover, if the bearish sentiment intensifies, this could pull the price of this altcoin toward its low of $0.20.
