• 15 June, 2024
News

TRX plunges 5% following Justin Sun- Huboi Crypto Exchange Association

TRON price analysis remains bearish on Friday, the 15th largest token by market capitalization. The price opened higher but could not sustain the gains amid the news from the Huobi crypto exchange. As per the latest development, Tron founder Justin Sun joins hands with Huobi’s advisory board. 

The TRON-based USDD stablecoin dropped 3 cents losing its intended peg to the U.S. dollar. USDD is the seventh-largest algorithmic stablecoin, created by Justin Sun, the founder of the Tron blockchain.

As of press time, TRX/USD reads at $0.051528, down 5.46% for the day. As per Coinmarketcap, the 24-hour trading volume stands at $20.5 million.

TRX price could continue the downside movement

From a technical perspective, the TRON price analysis indicates a bearish picture. The TRON  price has breached the “Rising Wedge” pattern, a bearish continuation pattern on the daily chart.

Source: Trading view

The price tested a two-month low at $0.049730. With the breach of the pattern, it also formed a long red candlestick that suggests the dominance of sellers. 

Now, a daily close below the session low could drag the Tron price toward the low of November 14 at $0.04588, the yearly low of 2022. 

On the other hand, a recovery of $0.05220 would mean accumulation is happening near the lower level. Next, if the bulls manage to breach the lower trend line of the channel then the next opportunity could be $0.055000.

Technical indicators:

RSI: The daily RSI is still far from the oversold market condition. There is a sharp decline in the oscillator. It reads at 37.

Moving Average: The price remains pressured below the 200-day EMA. Further, it also breached the 21-day EMA adding to the bearish sentiment.

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