TRON Price Plummets 4.88% in 24-Hour Volatile Trading

Coin WorldFriday, Mar 7, 2025 4:14 am ET

1min read

On March 7, 2025, the price of tron (TRX) experienced a significant decline, dropping from $0.2470 to $0.2350. This price movement was part of a broader trend that saw the cryptocurrency fluctuate significantly over the past 24 hours. The day began with a range that broke out to the upside at 04:15 UTC, supported by a golden crossover in the Moving Average Convergence Divergence (MACD) indicator. However, this upward momentum was short-lived, as the price failed to form an upward-moving channel and instead formed a converging triangle, which broke out to the upside at 08:00 UTC.

Despite this initial upward movement, the price failed to sustain the momentum and formed another minor converging triangle, which broke out to the downside at 10:00 UTC. This downward breakout was supported by a Death Cross in the MACD at 10:20 UTC. The Relative Strength Index (RSI) dropped below the level of 30, indicating an overall market condition ripe for a minor range. This range broke out to the downside at 11:30 UTC, and the price formed an expanding triangle instead of a channel.

At 15:35 UTC, the price attempted to break out to the upside of the expanding triangle but failed as the RSI showed an overbought condition. The price then dropped and found support at the lower channel line of the expanding triangle. At 00:15 UTC on March 7, the price broke out to the downside of the expanding triangle but failed to form a channel. Instead, it marked the low of the day at $0.2350. The price instantly spiked to the upside, corroborated by a golden crossover, forming another downward-moving channel. The channel broke out to the upside at 04:00 UTC and formed a spike. At 05:15 UTC, the RSI moved to the overbought area, that is, above the level of 70, showing an overstressed market price.

The price behavior of TRON over the past 24 hours indicates a range-bound market. Before making the high, every breakout to the upside is not followed by a spike and channel but instead followed by a pattern

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