Tron Price Today: TRX to yield negative returns in 2023

source: shuttershock

In Short

  • Tron price witnessed a 24% of market decline since the beginning of November.
  • TRX price shows several technical factors suggesting more decline will occur in the coming weeks.
  • Invalidation of the bearish outlook is a hurdle above $0.056.

Tron price (TRX) has endured a devastating downtrend throughout the fall. Going into the final weekend of November, the technicals suggest the bears are not quite finished. Key levels have been identified to gauge Tron’s next potential move.

Tron price points south

TRX price has lost 24% of market value since the start of November. On November 24th, the bears produced a late night decline. Now as the TRX price auctions between the 8-day exponential and 21-day simple moving averages, traders must decide which side of the trend they want to join.

Tron price currently trades at $0.052. The Volume Profile Indicator remains sparse in transactions when compared to the June 13th bottom. Bullish optimists may be enticed by the indicators reading as it may suggest the bears are considering releasing their positions.  

source: tradingview
TRX/USDT 1-day chart

The Relative Strength Index provides some context for where TRX may be headed. This week’s uptrend retaliation shows several bearish divergences when compared to the previous countertrend spike on November 11th. 

Considering the RSI’s divergences, TRX will likely fall and establish a new low in the coming days. The first bearish target lies at $0.040. I the bulls don’t jump into support, traders can expect a mid-$0.03 TRX price sometime in 2023.

Invalidation of the bearish thesis could occur if the bulls reconquer the liquidity zone above $0.056. If the breach happens, a buyers’ frenzy targeting $0.07 will stand a fair chance of occurring. If the invalidation scenario plays out, the TRX price would rise by 35%.

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.