Tron (TRX) Price Analysis – December 26

  • TRX dropped to $0.019 and is threatening to go lower.
  • Responsible selling may be considered in key areas.

Tronix, TRXUSD, Cryptocompare chartTron chart by tradingview

TRX/USD Medium-term Trend: Bearish

  • Supply zones: $0.03000, $0.04000, $0.04500
  • Demand zones: $0.01000, $0.00900, $0.00800

In the medium-term, TRON’s TRX is in a bearish trend. Strong bullish pressure weakened the cryptocurrency at the $0.024 mark after it got its daily high on December 24. A bearish inverted hammer then signaled the bears returned, and saw its price drop.

Later on a large bearish Marubozu confirmed the bears’ control as TRX slowly dropped to the $0.018 mark. The $0.021 was retested to confirm the crypto’s downward trend. Their medium-term target is the $0.018 mark.

TRX/USD Short-term Trend: Bearish

Tron, TRXUSD, Cryptocompare chartTron chart by tradingview

In the short-term, TRX’s outlook is still bearish. After a gradual bullish run earlier, a 1-hour opening candle saw its momentum go to $0.021 before exhaustion set in. TRX then dropped to $0.019 and is threatening to go lower.

Its price is currently below both EMAs and the stochastic oscillator points down at 17 which indicates a downward movement in price of the cryptocurrency in the short-term.

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.