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TRON Price Faces Rejection at $0.09 Exhausting Bullish Rally
TRON price has been in the red for three consecutive days after facing a strong rejection at the key resistance level of $0.09. At the time of writing, the digital asset was trading 1.40% lower at $0.08674. TRON’s total market cap has crashed by more than 2% over the last day to $7.7 billion, while the total volume of the asset traded increased by 42%. TRON currently ranks 10th in the crypto market after Dogecoin.
Fundamentals
TRON price has been on a decline for the past three days, breaking out of its longest bull run this year. The digital currency has been among the best-performing cryptocurrencies in recent weeks, defying general market movements. Even so, the asset seems to have exhausted its bullish rally.
Most cryptocurrencies are set to end the week slightly lower amid a dull cryptocurrency market. The global crypto market capital capitalization has been on a consistent decline this week and is currently lower at $1.09 trillion, while Bitcoin’s dominance edged lower. On the other hand, the total cryptocurrency market volume has increased by 7% over the last day.
The Crypto Fear & Greed Index, which measures the key emotions driving the cryptocurrency sector, has slightly declined to a fear level of 43, down from a fear level of 47 recorded earlier this week. This suggests a drop in risk appetite, prompting investors to be reluctant to invest in the sector.
Markets are chewing on the latest US jobs data published earlier on Friday. Data released by the US Bureau of Labor Statistics showed that job growth was stronger than expected in September. Nonfarm payrolls increased by 336,000 for the month, ahead of the Dow Jones consensus estimate of a 170,000 increase. The unemployment rate remained unchanged at 3.8% for September, marginally higher than the 3.7% consensus estimate.
Markets were worried that if the tight labor market held up then the US Federal Reserve would keep interest rates higher for longer. San Francisco Federal Reserve President Daly said on Thursday that with the US monetary policy in “restrictive territory” and the recent rise in the US Treasury yields, the central bank may not need to hike rates anymore.
TRON Price Analysis
The daily chart shows that the TRON price has been on a strong bullish trajectory over the past few weeks, before encountering a price reversal. The asset remains above the 50-day and 200-day exponential moving averages, as well as the 100-day and 200-day simple moving averages. Its Relative Strength Index (RSI) has dipped to 35, suggesting an increase in selling pressure, while the Moving Average Convergence Divergence (MACD) indicator signals a sell.
Therefore, with the TRON price at a crossroads, investors need to exercise caution while choosing sides. A bullish breakout above the resistance level of $0.09 could trigger a 5% jump to this year’s high at $0.09431. On the other hand, a continued downward trend could push the price lower to the immediate support level of $0.085.
TRX Price Chart