Bitcoin price is currently under pressure and it recently spiked below the $10,000 support. Besides, tron (TRX) price is down more than 15%, while Crypto.com chain (CRO) and HedgeTrade (HEDG) rallied more than 15%.
- Today’s top performers were Crypto.com chain (CRO) and HedgeTrade (HEDG).
- Tron price declined heavily and TRX is currently down more than 15%.
- Bitcoin price is facing an increase in selling pressure, with bearish moves below $10,250.
Tron (TRX) Price Analysis
Today, the crypto market saw an increase in selling pressure. Bitcoin price traded below the $10,500 and $10,250 support levels, Ethereum price is down more than 5% below $215, and ripple price broke the key $0.3220 support level.
More importantly, tron price (TRX) is down more than 15% from the $0.0311 swing high. Conversely, two altcoins – Crypto.com chain (CRO) and HedgeTrade (HEDG) performed really well and rallied more than 15%.
Click to Enlarge Chart
Looking at the 2-hours chart of TRX/USD, the pair traded nicely above the $0.0280 resistance level. It even broke the $0.0300 level, but it failed to continue higher.
A swing high was formed near $0.0311 and the price recently started a sharp downward move. It broke the $0.0282 support level and the 25 simple moving average (2-hours).
Moreover, there was a break below a contracting triangle with support near the $0.0280 level. It opened the doors for more losses below the $0.0270 support plus the 50% Fib retracement level of the last wave from the $0.0203 low to $0.0311 high.
Moreover, the price spiked below the $0.0250 support. At the outset, tron price is trading near the 61.8% Fib retracement level of the last wave from the $0.0203 low to $0.0311 high.
If there is a downside break below the $0.0242 support, the price could continue to decline in the near term. The next key supports are near $0.0222 and $0.0220, below which the price may revisit the $0.0203 low.
Overall, TRX price is under a lot of pressure and it remains at a risk of more losses below $0.0240 if bitcoin price continues to slide in the near term.
The market data is calculated and provided by TradingView, Binance.