Tron's native token, TRX, faced intense selling pressure in the past 24 hours, marking a price from 27.7 cents to 27 cents.
The high-volume decline happened alongside turbulence in the broader market influenced by geopolitical tensions and evolving investor sentiment.
These macroeconomic factors compound the challenges already presented by high trading volumes. However, the final hour of analysis revealed some market resilience, where TRX slightly recovered from a dip below 27 cents.
Technical Analysis Breakdown
- The 24-hour price drop from $0.277 to $0.270, with a closing price of $0.269, was accompanied by significant volume spikes, reaching 156.716 million, indicating selling pressure.
- Price volatility between a high of $0.278 and a low of $0.268 was observed.
- High trading volume points to potential further downward pressure on TRX prices.
- The quick rebound from under $0.27, coupled with a continued trading interest, suggests a critical support level that may prevent further declines.
