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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

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%.

Tron (TRX) Price Analysis Chart, Bitcoin CRO, HEDG

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).


Cryptorocket

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.


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Posted by Dr. Latika Mehrotra

Ph.D in Data Mining, Blockchain enthusiast, and passionate about technology and science. Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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