What’s Next for TRON (TRX) Price Following a 20% Correction?
TRON (TRX) is currently experiencing a shift towards lower volatility, as trader activity has decreased in the past week. The Relative Strength Index (RSI) has dropped to a neutral level at 60, indicating that TRX is entering a consolidation phase.
The 7-day RSI for TRX has declined from highs of 84.6 to 60.8, a significant decrease. This metric is important in determining whether TRON is overbought or oversold, and its current level suggests a balanced market sentiment and equilibrium between buyers and sellers. This points towards a potential consolidation period ahead, characterized by stable prices within a narrow range.
Furthermore, TRX has seen a decrease in the number of traders holding the cryptocurrency, indicating a move towards lesser price volatility and a potentially more consolidated market phase.
In terms of price prediction, TRX recently experienced a technical pattern known as a death cross on April 2. This signal occurs when a short-term Exponential Moving Average (EMA) falls below a long-term EMA, typically viewed as a bearish indicator. Following this event, TRX underwent a 22.34% price correction, following the previous death cross on March 5.
Considering these factors, TRX may enter a consolidation phase, especially with its RSI at 60. If the support level of $0.1145 fails, TRX could decline to $0.097, marking its lowest point since December 2023.
On the other hand, if bullish market sentiment prevails, TRX could test the resistance level of $0.14 and potentially initiate an uptrend.
Overall, the next phase for TRON (TRX) price remains uncertain, but the current indications suggest a period of consolidation and a potential range-bound market in the coming days.