TRON (TRX) has faced considerable selling pressure, leading to over 16% decline in its value over the past 30 days. Despite this bearish trend, TRON remains a prominent player in the crypto space, currently ranking as the 16th largest cryptocurrency by market capitalization. According to the latest market data, TRON (TRX) has a market capitalization of over $10.2 billion while the asset’s 24-hour trading volume stands at $300 million, an 18.59% drop.
TRX Data Chart (CoinMarketCap)
TRON’s circulating supply is 87,707,510,948 TRX, while its total supply is slightly higher at 87,707,543,397 TRX.
TRX Technical Analysis: Weekly Perspective
From a weekly technical analysis standpoint, TRON has been trading in a bearish manner throughout March after encountering resistance at the 0.1451 level. Last week, however, the asset displayed some bullish activity amidst the ongoing bear run, closing the weekly candle in positive territory.
TRXUSD Weekly Chart (TradingView)
Unfortunately, this week’s trading has seen TRON’s price dip below last week’s close, signaling a potential continuation of the bearish trend. The next support level is marked by an ascending trendline or a horizontal support level indicated in blue if a successful breakdown occurs below the current market price.
Daily Outlook
Since February 28th, 2024, TRON’s prices have been trading in a bearish manner following a rejection at the 0.1451 resistance zone. However, on March 19th, the price found support at an ascending trendline and has since bounced back, establishing a new resistance level around 0.1225.
TRXUSD Daily Chart (TradingView)
Currently, on the daily chart, TRON’s price is trading towards the ascending trendline zone below it, with consolidation witnessed over the past two days. In the event that bears regain control and the ascending trendline breaks down, prices may drop further to test the recent low at 0.1102 or the horizontal support levels below it at 0.1082.
The daily Relative Strength Index (RSI) currently stands at 40.32, suggesting that if prices continue to decline and test these support levels, the RSI will likely enter oversold territory or come close to it, potentially indicating a bullish reversal in the near term.
4-Hour Perspective
On the 4-hour chart, TRON’s price is still consolidating, mirroring the behavior observed on the daily chart. However, the asset has shown bearish momentum towards testing the ascending trendline sitting below it after breaking down the lower timeframe ascending trendline on Monday, April 1st, 2024.
TRXUSD 4-Hour Chart (TradingView)
Also, Tron seems to have formed a ranging channel in the 4 hour chart and its Immediate support lies at the support of the ranging channel at around 0.1155 and the ascending trendline below it. Traders will be closely monitoring TRON’s ability to hold this critical level or experience a further downside correction.
