The crypto market has experienced a tough period and TRON (TRX) has not been spared from the bearish sentiment that has gripped the industry. According to the latest market data, TRX is currently trading at $0.1184, reflecting a 15.72% decrease over the past month and a 1.49% decline in the last seven days. Despite these bearish figures, the token has managed to eke out a 1.49% gain in the last 24 hours.

TRX Data Chart (CoinMarketCap)

TRON's market capitalization stands at over $10.3 billion. However, the 24-hour trading volume of $359,936,399 as of writing paints a less optimistic picture, decreasing by 3.11% in the last 24 hours. The volume-to-market cap ratio for the same period stands at 3.47%, indicating a relatively moderate level of trading activity. The circulating supply of TRX tokens is currently at 87,715,383,863, while the total supply is marginally higher at 87,715,400,161. Only a few tokens left before it reaches the total supply number.

TRX Technical Analysis

TRON has been trading in a bearish trajectory for the entirety of March after encountering resistance at the $0.1451 level. Although the previous week witnessed some bullish activity amidst the bear run, with the weekly candle closing in the green, the current prices are trading below the previous week's close, signaling a continuation of the bearish trend.

TRXUSD Weekly Chart (TradingView)

The next potential support level for TRX lies at the ascending triangle or the horizontal support level marked in white at 0.1082 level, should a successful breakdown occur at the ascending trendline below the current market price.

On the daily chart, prices have been trading bearishly since February 28th, following a rejection at the $0.1451 resistance zone. However, on March 19th, the price found support at an ascending trendline and has since bounced back, exhibiting bullish momentum until the previous two days, when bearish closes were recorded.

TRXUSD Daily Chart (TradingView)

Currently, on the daily chart, the price is trading close to the ascending trendline zone, suggesting a potential retest of this critical support level. If the bears regain control and the ascending trendline breaks, prices may drop further to test the horizontal support levels below it. Notably, the Relative Strength Index (RSI) stands at 42, indicating that if prices continue to decline and test these support levels, the RSI could enter oversold territory or approach it, potentially signaling a bullish reversal in the near term.

On the 4-hour chart, bullish momentum has been observed as the price approaches a confluence of double resistance above. One, the lower time frame ascending trendline lying above one that it broke on April 1st, 2024, acting as the immediate resistance level and two, a horizontal resistance zone ranging from 0.1223 to 0.1235 level.

If prices get to this double resistance zone in the lower timeframe, prices will respect that and we should expect some bearishness from the zone, potentially to test the higher timeframe supports lying below. Immediate support lies at the ascending trendline below the current price level.

TRXUSD 4-Hour Chart (TradingView)

 As the cryptocurrency market continues to evolve, traders will need to closely monitor TRON's price action, seeking potential entry or exit points based on the technical indicators and support/resistance levels. While the current sentiment appears bearish, the presence of identified support levels in higher timeframes offers hope for a potential bullish reversal in the near future.