Tron Price Prediction: Bears aiming to send TRX lower then $0.04

By November 23, 2022DeFi
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  • Tron price lost 20% of market value since the start of November.
  • TRX price shows bears in control of the larger trend on the Relative Stregnth Index, hinting that the recent swing low is not a stable bottom.
  • Invalidation of the bearish thesis is a breach above $0.054.

Tron price (TRX)) has witnessed a severe decline throughout November. As a consolidation ensues, the technicals suggest one more low is on the cards that could wipe out early bulls. Key levels have been defined to gauge Tron’s next potential move.

Tron price in a bearish stronghold

TRX price has declined by 20% since the start of November. During the downswings, the bulls have struggled to retaliate for more than a day or so before the bears initiate another attack. On November 23, the TRX price consolidates above the 8-day exponential moving average, likely enticing early bulls to enter the market. Still, the smart-contract token may hint at one more price drop in the upcoming days.

Tron price currently auctions at $0.05. The Volume Profile Indicator has produced fewer transactions than the June 13 low. The indicator is an additional reason to believe the downtrend could be coming to an end. However, traders should pay close attention to the Relative Strength Index (RSI) as the newfound lows also printed a lower low on the indicator when compared to the lows on January 22. Bulls convinced that the recent monthly lows at $0.045 will hold may be in for a rude awakening sooner than later.

Based on the RSI reading, This thesis proposes that the low established On Monday, November 14, is unstable and will eventually serve as excellent liquidity for smart money bears to aim for. The liquidity zones at $0.040 and potentially $0.034 would be the next bearish target levels.

https://editorial.fxstreet.com/miscelaneous/TRXUSDT_2022-11-23_17-45-55-638048440242162583.png

TRX/USDT 1-day chart

Invalidation of the bearish idea could occur if the bulls manage to hurdle the 21-day simple moving average at $0.054. In doing so, an additional uptrend hike towards $0.065 would likely occur. Such a move would result in a 23% increase from the current TRX price.

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