TRON price analysis: Bearish bias below $0.015 level
16:51, 14 May 2020
Content
TRON is searching for a directional bias, after the cryptocurrency recently found strong technical support from the $0.013 level.
TRON technical analysis shows that the TRX/USD pair is likely to remain under pressure while price trades below the $0.015 level.
TRON medium-term price trend
TRON is under slight downside pressure this week after the cryptocurrency recently fell towards the $0.013 support level.
The short-term outlook for the TRX/USD pair remains uncertain, following the recent strong upside rejection from its 200-day moving average.
TRON price analysis shows that the cryptocurrency could fall sharply lower over the medium-term if the bulls fail to anchor price above the $0.015 level.
The daily time frame shows that price has bounced from the $0.013 support level, and the price fell from the neckline of a large head-and-shoulders pattern.
Continued failure to move the price back above the neckline of the pattern would be a bearish sign for the TRX/USD pair over the medium-term.
The bearish head and shoulders pattern has yet to reach its full downside projection and indicates that the TRX/USD pair could fall towards the $0.006 level.
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TRON short-term price trend
The lower time frames continue to highlight that the TRX/USD pair has a short-term bullish bias while the price trades above the $0.014 level.
TRON technical analysis shows that the cryptocurrency is heavily bearish while trading below the $0.013 level.
The price recently tested the top of a descending price channel, following the bearish breakout in the TRX/USD pair towards the $0.013 level.
Technical analysis shows that a decline below the $0.013 level could cause the TRX/USD pair to fall towards the bottom of the descending price channel, around the $0.011 level.
TRON technical summary
TRON technical analysis shows that the cryptocurrency is likely to remain under heavy downside pressure while the price trades below the $0.015 level. The $0.011 level is seen as a possible near-term bearish target.
