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TRON ($TRX) has seen a dramatic price drop over the last 24 hours according to CoinMarketCap. At press time, the altcoin’s price stands at $0.05057 following a 7.59% drop in the last day. As a result, the weekly performance of $TRX has also flipped into the red, with the current weekly performance for $TRX at -6.21%.
$TRX has weakened against both of the crypto market leaders, Bitcoin ($BTC) and Ethereum ($ETH), as well. At press time, $TRX is down 7.43% against $BTC and 7.25% against $ETH.
The daily trading volume for $TRX has surprisingly surged 130.70% during a time when the majority of $TRX’s off-chain metrics have experienced a decline. The increase in $TRX’s daily trading volume has taken the total up to $372,678,758.
The price of $TRX has plummeted below the 9-day and 20-day EMA lines, and now rests near the support level at $0.04928. This is the same support level that offered support back when $TRX established its price bottom for this bear cycle.
The latest standing of $TRX’s price leaves it at risk of establishing a new price bottom for the current bear cycle. This is evident with the bearish flags presented by two daily technical indicators. The first bearish technical flag is the relative position of the 9-day and 20-day, with the shorter EMA trading below the longer EMA line.
The next bearish technical indicator is the daily RSI line crossing below the daily RSI SMA line and dropping well below the RSI SMA line to enter into oversold territory.
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