Tron had a magnificent rally in the year 2021 with the price reaching as high as 0.18 just before the May crash. However, it attempted a rebound with strong bullish momentum and was successful to hit 0.129 in mid Q4 2021. Ever since then the asset maintained a serious downtrend adding up a zero in its price.
When will TRX price reverse its trend? Will TRX’s price reach its ATH in 2022? Let’s see
Tron(TRX)/USDT Technical Analysis at a Glance
Tron had a pretty good start for 2022 with price halted the downtrend for a while and consolidating within healthy ranges. Yet the recent sell-off that was triggered a couple of days before slashed the price drastically. Currently, the asset is utilizing all its resources to flip the downtrend but the rebound is carrying no strength and hence one can expect the downtrend to continue as the weekly trade started on a bearish note. Yet the asset may try to rebound but the intensity may be very less.
| Short-Term | The TRX price in the past weekend followed a decent upward trajectory which was successful to halt the downtrend, yet with the beginning of a new week, the price is again declining may be continued until the mid-week |
| Mid-Term | After initiating a consolidation, TRX price could hover within a range-bound but the possibility of a breakout cannot be eliminated. However, the intensity may not be high |
| Long-Tem | The asset has begun the weekly trade on a huge bearish note and hence may continue until a massive buying volume triggers a rebound |
Additional Read: Daily Crypto News 24 January, 2022
Tron(TRX) Technical Indicators & Pivot Points
Technical Indicators
| Technical Indicators | Value(1Hr /1D) | Action(1Hr /1D) |
| StochasticRSI(StochRSI) | 15.06 / 26.74 | Sell / Sell |
| On-Balance Volume(OBV) | 29.6B / 113.05B | Sell / Neutral |
| Accumulation/Distribution line(A/D) | 51.8B/ 102.08B | Sell / Neutral |
| Aroon(Up,Down) | (86,57.8) / (89.83,52.18) | Sell / Sell |
| MACD(12,26) | 0.00 / 0.00 | Sell / Sell |
Pivot Points
| Pivot Points | Short-Term | Long-Term |
| Moving Averages(MA)-50 | $0.05658 | $0.07607 |
| Moving Averages(MA)-200 | $0.06551 | $0.08631 |
| Resistance | $0.05854 | $0.07806 |
| Support | $0.04970 | $0.04867 |
Additional Read: Ethereum vs Tron
Summary
The long-term and the short-term forecast is extremely bearish as most of the indicators are either neutral or point out towards a strong sell. The Stochastic RSI in both time frames is plunging signifying a notable downtrend. Both OBV and A/D are the volume indicators that denote the volume at a certain price zone and the accumulation or distribution trend respectively. OBV in the short -term is plunging while in the long term points out towards a consolidation. The depleted OBV in the short term denotes an increase in selling pressure.
On the other hand, Aroon which helps in identifying the trend and its strength is also pretty bearish. It consists of 2 lines Up & Down which measure how distinct an asset’s current price is for the 25-day high or low. Usually, a bullish trend is when the Up line is in between 70 to 100 and down in between 0 to 30. But currently, both lines measure at almost the same levels in both time frames, with the down line above 50. This signifies a consolidated downtrend may be well set in place.
Coming to the Moving Averages, both the 50-day & the 200-day are now strong resistance levels to achieve that may point out towards a notable uptrend. However, the current price of $0.0555 is just below the immediate resistance and attaining these levels are very important to halt the current downtrend. Else the asset may soon slide down towards the lower support and if failed to hold, could plunge severely.
Tron(TRX)/USDT Technical Analysis for the Week
The past week’s trade witnessed both a decent recovery and a huge price plunge which drained nearly 26.6% of its value. Yet after hitting the rock bottom levels at $0.05265, the TRX price quickly initiated a recovery. The rebound was pretty weak which could only halt the downtrend and keep the asset within the range-bound level. No doubt the buying volume was pretty high but insufficient to weaken the sellers.
Source: Tradingview Date: 24-01-2022 Time: 12:10pm
- Ever since the TRX price has dropped mercilessly, the strength of the rally has lowered and hence despite a rebound the price maintained its trend within the range-bound levels
- Currently, the fear of a substantial plunge hovers the price as it has formed a huge bearish flag that may ignite yet another leg down any moment.
- After a minor consolidation within the flag, the asset could break down towards the south to hit the lower support levels of $0.04947.
- At these levels holding strong is very important as it may take a little time for the buying volume to uplift the price. And until then the price has to be above the support levels, else it may dive deep down.
- Also, the lower support zone appears to be one of the high-demand areas where-in huge investors may jump in and then one can expect a strong rebound.
Additional Read: Tron Price Prediction
Tron(TRX)/USDT Technical Analysis for Today: 24 January 2022
The TRX price experienced a notable upward trajectory in the past weekend but currently, the bears seem to have taken over the rally yet again. The asset, which has begun to deplete since the beginning of the early hours of Asian trade, could keep up the bearish momentum throughout the day. As the buyers seem to be a little exhausted at the moment, the sellers may take back control for the rest of the day.
The Tron(TRX) price is around $0.5527 with a notable plunge of 3.16% compared to the previous day close. The trading volume has drowned more than 33% yet registers figures above $1 billion. On the other hand, the market capitalization also has dropped by 3.49%, recording figures above $5 billion.
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