https://ift.tt/3H28XCd price analysis: TRX slips to 6-month low, looks to remain above support at $0.05

TL;DR Breakdown

• Tron price continued to decline with a 4 percent drop over the past 24 hours
• Price moved as low as $0.05137 with trading volume increasing 40 percent
• Current level indicates testing point for bears where reversal may occur

Tron price analysis for the day shows another phase of decline for the token, as price receded more than 4 percent over the past 24 hours. A 6-month low of $0.05137 was recorded in the day, which took price to the support zone at $0.005. The current trend presents a testing region for bears, where some upward potential may exist if buyers can form momentum. However, the near-term momentum sits with the bears with further decline a realistic possibility as the overall cryptocurrency market dip continues.

The larger cryptocurrency market showed slight promise, as Bitcoin conjured some upward momentum with a 2 percent upswing to take price above $36,000. Ethereum, however continued to decline, staying just short of $2,400 with a 2 percent drop. Among Altcoins, Cardano dropped 3 percent to sit at $1,02, Dogecoin dropped 2.5 percent at $0.139, and Ripple moved down to $0.6 with a 1.5 percent decline. Polkadot recorded some positive momentum, moving up to $17.94 with a minor upswing.

TRX/USD 24-hour chart: RSI moving upward but still in bearish zone

The 24-hour candlestick chart for Tron price analysis continues to suggest the extent of decline the TRX token has faced since the crypto market crash on January 18. Before that, price faced a period of consolidation above the current 25-day exponential moving average (EMA) around $0.068. The relative strength index (RSI) dropped from 44.30 a week ago to the current point at 27.22, albeit showing some signs of improvement in market valuation for TRX. The moving average convergence divergence (MACD) curve also shows bearish lows as it continues to distance from the neutral zone since January 22.

The overall outlook suggests that bearish trend is set to continue for TRX, with the support zone of $0.05 also expected to provide some testing for sellers.

TRX/USD 4-hour chart: Minor upward momentum forms near support

The 4-hour chart for Tron price analysis suggests price is expected to form a slight upturn near the current support zone at $0.05. The RSI value shows increasing market valuation at 40.53 with price moving up to the 4-hour EMA at $0.05493. However, despite the slight upturn, the upward momentum may only be enough to keep price afloat above support, as major market trend still remains with sellers, as suggested by the awesome oscillator.

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