Tron price failed to hold at key support amid the recent market bloodbath. $0.024 has been an important support level on numerous occasions since Tron’s euphoric rise in December. This was the first time since December that price broke and closed below this level. This gives a very bearish outlook for Tron, which brings into question the utility of the project that is one of the main competitors to Ethereum and boasts higher transactions speeds of 10,000 per second. RSI is in oversold territory but continues to form lower lows.
The hourly 50EMA has been acting as a resistance point for Tron. The MACD is currently crossing it’s signal line to the downside, a bearish signal showing further downward movements could be in store. The low point of 2018 so far has been around $0.022. This represents a 50% decline from where Tron was trading just three weeks ago. $0.02 seems likely as the next support level, being a round psychological number.
- Tron has broke below a very important level at $0.024, leaving it with a very bearish outlook for future price action.
- RSI is in oversold territory but continues to form lower lows.
- MACD has crossed the signal line to the downside on the hourly, a bearish signal
- Hourly 50EMA is acting as a dynamic resistance level
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