Tron (TRX) price analysis: trouble in the making

Overall market analysis

The market is in a state of fear, as the following graph shows:

The crypto fear and greed index measures five sources of information and feeds them into its algorithm, which returns a value like the one above. Sources are volatility, social media, market dynamics and volume, dominance and trends.

According to Tradingview’s total market cap data, the crypto market is stuck in this support zone of around $ 205 billion.

All eyes are on this level of defense, if it cracks we’ll lose another nice piece of the market, at least a few tens of billions, as the next visible support is around $ 160 billion.

Tron Sentiment hits new lows

According to data from Omenics.com, TRX has taken a nosedive when it comes to the signals around it. The above picture shows news, technical and general sentiments around Tron and how one can easily deduce: Tron is going south on each of them.

TRX / BTC

According to messari.io data, TRX is down 8% on BTC for the week, it has trading volume 20 times its actual volume (around $ 5 million per day) and generally collapses when it does is about the blockchain usability data.

The charts are not nicer either. TRX stands at a confluence point of three moving averages and a decline below that would put us in an area where TRX has not been in for a long time since the insane bull days of December 2017.

On an up move, the TRX would test the Fib786 at 205 satoshis, which is the first resistance reading for Tron. However, a significant upward move is unlikely unless we see broad market movement.

Comments are closed.