TRON (TRX) price action has faced downward pressure, dropping below a key support level. While active addresses have shown steady growth, the On-Balance Volume (OBV) indicates distribution rather than accumulation. AMBCrypto examines the technicals and suggests key moving averages for investors to monitor.
The OBV has formed lower lows during the range formation. This was a piece of bad news for the bulls.
The 1-day price chart outlined a range that TRX has been trading within over the past month. The range reached from $0.274 to $0.22, with the mid-point at $0.247.The OBV has formed lower lows during the range formation. This was a piece of bad news for the bulls. The consolidation period was not accompanied by accumulation, but rather by distribution.
TRON TRX Cryptocurrency Price Action OBV Support Levels
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