Tron tries hard to recover after a downward breakout from ascending channel; but bears have an upper hand

Tron like many other altcoins fell sharply on 24th September, taking its prices from $0.0163 to $0.0113, since then the altcoin is trying to break key resistance at $0.016. At press time TRX was trading at $0.0136 with an uprise of 2.87% on the 24-hour price chart.

1-Day Price Chart

Source: TradingView

On the 1-day price chart, Tron exhibited an ascending channel characterized by two parallel lines, where lower highs were formed at $0.0141, $0.0144 and $0.0161 while marking higher highs starting at $0.0166, $0.0185 and $0.0189. An ascending channel formation was followed by a downward breakout, which took place on 24th September. The altcoin was in the recovery mode between the trend lines and broke downward.

50-day moving average suggested a bearish sentiment as it was above the price candles and well below 100-day moving average; the possibility of a bullish crossover is quite low, thus suggesting a bearish sentiment.

RSI indicator showed that selling sentiment has been on the higher side since the indicator line has been moving below the median line from July. The buyers tried to push the bullish sentiment between September 16 and 23; however, the momentum was not strong enough, and the massive price drop brought the bearish sentiment back.

Conclusion

Tron was looking bearish in the one-day chart with key indicators indicating bearish momentum prevailing over the bullish one. The ascending channel broke downwards on 24th September and since then it has been trying to recover