TRX Technical Analysis: Price Likely to Fall Below the Fibonacci Pivot Point of $0.06

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Tron is a public blockchain network with high throughput, scalability, and reliability. It uses a decentralized consensus framework and has a robust rewards distribution system. It is speedy and tamper-proof as well. TRX is the native token of this ecosystem. The TRX technical analysis will predict the price momentum for the next few days:

Past Performance

On May 17, 2021, TRX started trading at $0.12. On May 23, 2021, TRX closed at $0.06. Thus, in the past week, the TRX price has declined by approximately 50%. In the last 24 hours, TRX has traded between $0.055-$0.065.

Day-Ahead and TomorrowCurrently, TRX is trading at $0.064. The price has increased from the day’s opening price of $0.06. Thus, the market seems to be bullish.

The MACD and signal lines have turned negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to start falling.The OBV indicator is upward sloping. Thus, buying volumes are higher than selling volumes in the TRX market. There is bullish divergence here. High buying activity will push the crypto price upwards.Currently, the RSI indicator is at 41%. It faced rejection at 47% and fell to the current level. Thus, selling pressures are much higher than buying pressures.In a nutshell, when we look at all three indicators together, we can say that currently, the bearish forces are strong. Hence, the price is likely to start declining. Thereafter, we have to wait and watch to see if the price resumes its upward journey as the bulls start regaining strength.

TRX Technical AnalysisCurrently, the price is above the first Fibonacci pivot resistance level of $0.064. The price is likely to fall below the Fibonacci pivot point of $0.06 soon. Thereafter, we have to wait and watch to see if the price resumes its upward movement.

Presently, the price is above the 23.6% FIB retracement level of $0.062. It may soon retest and fall below it. It may further fall below the 38.2% FIB retracement level of $0.061. By day end, if the price falls below the 76.4% FIB retracement level of $0.057, then probably a price downtrend has set in. In that case, the price downswing may continue tomorrow as well.

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