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Tron Price Analysis: Tron Collapses by 20% Daily as USDD Drifts Away From Peg

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Tron lost its momentum over the weekend and it has since crashed by over 40%. Cryptocurrency is now struggling to find support.

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Key support levels: $0.050, $0.040.

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Key resistance levels: $0.057, $0.064.

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The fear started as soon as the USDD lost its 1:1 peg to the dollar. Since then, TRX has failed to stop the downtrend, crashing over 40% in less than a week. As long as USDD remains below one dollar, TRX is likely to be under strong selling pressure to cover the gap.

So far, the price has managed to find relief at the $0.05 support level, from where it bounced higher. Resistance is at $0.057 and given the current fundamentals, TRX is unlikely to change its trend.

Chart from TradingView

Technical indicators

Trading volume: Huge selling pressure caused TRX price to drop in a short amount of time. Sales volume remains very high at the time of this writing.

Relative Strength Index: The daily RSI reached an oversold condition of 23 points.

MACD: Daily MACD is in free fall. The current negative momentum continues to strengthen and the histogram is forming lower lows. This can be interpreted as very bearish.

TRXUSDT_2022-06-15_15-00-34
Chart from TradingView

Bias

The offset for TRX is bearish.

TRX Short Term Price Prediction

Despite reports by Justin Sans that USDD is over-collateralised, the market does not seem to confirm this. As long as this continues, the trend for TRX is likely to remain bearish with the next key support at $0.040.

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Disclaimer: The information found on Cryptooshalais the property of the cited authors. It does not represent CryptoPotato’s opinion on whether to buy, sell or hold any investment. You are advised to do your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.




Credit : cryptopotato.com

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