TRON (TRX) Shows a Series of Uptick Movements and Steep Corrections

Over the last week, TRON (TRX) showed a series of uptick movements and steep corrections that are typical of general market volatility.

output: TRON (TRX) price displayed a series of uptick movements and steep corrections over the last week as broader market volatility took its toll on crypto prices. The price of TRX went down on Monday but later recovered sharply to the level close to $0.250. This was followed by a steep fall, erasing most of the advances.

A second attempt to the upside was made shortly thereafter, creating a slightly lower top than the previous one, which is an indication of weakening buying pressure. Mid-week was characterized by a sideways trend, a reflection of market indecision and consolidation.

Later in the week, strong bearish momentum saw the price fall below the $0.245 line in a clear indication of rising selling pressure. Overall, despite brief bullish attempts, TRX finished the week on a bearish trend.

At the time of writing, TRON (TRX) is trading at $0.2449, with a 24-hour trading volume of $458.25 million. The TRX price prediction is that TRX is down 1.5% over the past 24 hours and 0.90% over the past week.

TRX Is Near Oversold, Eyes Rebound SoonTRON (TRX) is currently displaying bearish momentum, with the price trading just below the 20-period VWMA and closely hugging the lower Bollinger Band. This positioning indicates that selling pressure is mounting but that volatility is relatively low and setting up the potential for a major move.

The RSI has fallen to 39.76 and into the oversold range, which would indicate a short-term rally should buying pick up. However, the same points come through in the MACD, as the line for the MACD has also dropped below the line for the signal and indicated a bearish crossover.

Combined, these indicators project a bearish inclination in the market in the short run, but only a possible reversal should the support levels remain intact and buying volume come back.