Tron Market Drops By 12%, Could This Activates a Bearish Control?

Tron Market Drops By 12%, Could This Activates a Bearish Control?
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Tron (TRX) Price Analysis – April 11

With the current market condition, Tron markets have experienced a reversal following the recent surge in volatility. Currently, TRXUSD and TRXBTC are following a bearish sentiment, after breaking down a rising channel today. However, there’s a need for a retracement before fueling the next bear-run.

TRX/USD Market

Key Levels:
Resistance levels: $0.03, $0.032, $0.034
Support levels: $0.024, $0.023, $0.022

Throughout March, Tron was trading on a side-way trend below $0.025 resistance now support level before a surge in volatility hit the market. After the token climbed to the near of $0.03, a sharp drop retested the break level before maintaining a rising channel pattern. Having tested the $0.03, where the lower trend line rest, a heavy sell-off slump to $0.026. A bearish reversal is signaled.

TRXUSD, 4H Chart – April 11

A retracement is likely to test the previous resistance at $0.03 level before the bearish rally continues. The bears would locate another price level at $0.024 support. Looking at the medium-term RSI, a successful breach below the 50 line has convincingly positioned the trend close to the 30 line; revealing the recent bears’ action in the market.

TRX/BTC Market

After the April 2 massive sell-off to the near of 500 SAT low, Tron bounced up following a higher high, higher low patter; trading within a channel range for six days. Yesterday, the token managed to close the trade with a doji candle below the lower trend line with an attempt to break low.

TRXBTC, 4H Chart – April 11

Today, TRX short position was quite significant with a heavy surge which lasted to 550 SAT. This suggests a high subdued market in the last 24-hours of trading. The next key support level lies at 500 SAT. The actual scenario is revealed on the 4-hours RSI as price nears the oversold level. For a bearish retracement, however, the buyers may locate a resistance level at 560 SAT before a bounce down.

As of now, a bearish move is in play for Tron market.

About AzeezMustaph

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Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. He has broad experience in Forex trading, coaching, and funds management