TRON Price Analysis: TRX Plunge -0.64%, How Low Will It Drop?


  • Support for the bears has been established at $0.058
  • The price of TRON has fallen by -0.64% in the previous 24 hours.
  • TRX faces medium-term resistance at $0.064.
  • 24-hour trading volume for TRON is hovering at $339,543,989.00.

03 October 2022 : In this article we will walk you through TRON price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for TRON, Is TRX a good investment? TRON support & resistance levels etc. But before diving deep into the TRX technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $942,458,512,284. The total trading volume stands at $55,235,219,316. Bitcoin shares 39.8 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,557.65 level after an upward movement of 1.84%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.18 percent reaching to $1,325.92 during the previous 24 hours.
While publishing this blog, BNB traded at $288.29, following a price change of 1.74% within the same time frame. XRP the native coin of XRP is down by -0.44 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.54% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

TRON Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of TRON (TRX)

TRX Resistance Levels TRX Support Levels
Resistance Level 1 $0.062 Support Level 1 $0.058
Resistance Level 2 $0.064 Support Level 2 $0.056
Resistance Level 3 $0.066 Support Level 3 $0.054

TRON Performance

According to Price Analysis Market Index, TRON (TRX) is trading at $0.061 with a trading volume of $339,543,989.00. However,TRX has a price decline of -0.64% in the last 24 hours.TRX price changes 2.75% over the week with a total market capitalization of $5,657,673,200.00 USD.

TRON Price Analysis

TRX price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the TRON.

Moving Averages Price Indicator
Simple Moving Average (10) 0.060 Buy
Exponential Moving Average (10) 0.060 Buy
Simple Moving Average (20) 0.060 Buy
Exponential Moving Average (20) 0.060 Buy
Simple Moving Average (50) 0.063 Sell
Exponential Moving Average (50) 0.063 Sell

While TRX’s Williams %R indicator is at -44.557 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The MACD line is standing below of the signal line after a crossover. TRON investors need to wait for any directional change over the daily chart. RSI implying consolidation phase while trading at 48 and is trying to break out of the neutrality zone. The first support level for TRON is at $0.058 while the second one is at $0.056. While taking about resistance the TRX has R1 and R2 at $0.062, $0.064 respectively.

Conclusions

According to the TRON (TRX) price analysis, the bears have failed to take the market downwards, and as a result, we are likely to see the continuation of the bullish trend in the coming days.