TRON (TRX) Price Watch: Steady Climb or Sudden Slide Ahead?

• TRON is currently trading around the 0.26 mark.
• TRX’s trading volume has spiked by over 9%.

While the crypto market has reached $3.24 trillion after slipping by over2.79%, the fear and greed index has stepped into the neutral zone with the value holding at 55. The assets are riding the bearish waves. Among the altcoins, TRON (TRX) has posted a brief loss of over 1.07% in the last 24 hours. 

In the early hours, the asset traded within the high range of $0.2732. Instead of breaking out, with the bearish command, the asset has slipped to the lowest price of $0.2732. At the time of writing, TRON traded at around the $0.2691 level, with its daily trading volume spiked by 9.31%, reaching $757 million, as per CMC data. 

Notably, the asset’s weekly trading chart was in red and the monthly price chart has reported a gain of over 8%. The mixed momentum of the TRON price trajectory could only reverse after a solid gain. 

Can TRON Break Free or is a Dip Looming?

TRON’s Moving Average Convergence Divergence (MACD) line and signal line are below the zero line. This crossover likely indicates a potent negative sentiment, and the weakness or the bearish phase might continue within the market. Besides, the Chaikin Money Flow (CMF) indicator at 0.00 suggests a neutral market sentiment — neither buying nor selling pressure is currently dominant. The inflow and outflow of the money are balanced. 

Assuming the asset’s support at the range of $0.2650 fails to hold, the price could likely plummet toward the $0.25 mark. The sustained bearish pressure in the market might push the asset’s price even down to its former lows.

Contrarily, if TRON bulls take charge for an upside correction, the price might break above the $0.2737 resistance level. In the case of the potent bulls gaining enough strength to push the price to kickstart a rally toward $0.2770 or above.

In addition, the Bull Bear Power (BBP) reading of -0.0043 hints at a slight bearish pressure in the market, and the momentum may be tilting slightly downward. TRON’s daily relative strength index (RSI) is found at 60.43, signaling moderate bullish momentum.

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