After outperforming for the past few weeks, Tron is forming more bearish patterns with lower lows and lower highs forming.
Bullish conditions last week brought the price of Tron above resistance at $0.028.
Tron failed to overcome this point during yesterdays price rise and market recovery and has since recorded a significant drop to around $0.026.
Data from Messari show Tron to be the worst performing top 10 cryptocurrency, currently recording a depreciation of almost 7% over the past 24 hours.
The hourly chart shows price testing $0.028 several times and even rising above before undergoing a significant drop.
The next support level to monitor is $0.0248 which formerly acted as a point of resistance.
Conditions are markedly more bearish for Tron than they were over the past number of weeks.
Lower lows and lower highs forming on the daily RSI reflect momentum being with the sellers.
One bullish sign is that Tron still trades above its 200 simple moving average (SMA) despite most top cryptocurrencies trading beneath their 200 SMA.
The 200 SMA is often used as a gauge for the direction of the longer-term trend.
It is likely to price will meet support at the 200 SMA if it drops to this point.
- Tron is trading in a more bearish pattern with lower lows and lower highs forming.
- Price met resistance at $0.028 during yesterdays rise but has since significantly dropped away.
- One bullish note is the price is still trading above its 200 SMA which is commonly used by analysts to assess the direction of the long-term trend.
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