TRX Targets Resistance Area at $0,067

Tron (TRX) has also come under the scrutiny of the Securities and Exchange Commission (SEC), which is mainly targeting its founder Justin Sun.

Tron in the red in March

At the current price of $0.0646 in March this year, Tron is down 6.50 percent, while it is still +18.50 percent positive year-to-date.
Tron has been somewhat volatile and weak compared to tier one tokens in these first three months. It had already started to decline in February, accelerated by the banking crisis, and only tried to recover before the announcement of the SEC investigation on March 22.

The return to coin market capital

Against this backdrop, Tron remains in the top 20 in terms of coin market capitalization. At its current $5.860 billion capitalization price, it has retreated one position from 15 days ago to rank 15th, ahead of Litecoin, which rose the most in March.

Monthly and Weekly Overview

Moving on to the technical chart analysis, we'll start with the monthly chart, which provides an overview for 2018. Here we see that the historical high was at $1,799 in April '21 and remained so during the rise in November '21, which pushed the market to highs.
Looking at the last few months, we see that the TRX price is facing a static resistance at $0.070, highlighted by the orange trendline. We already highlighted this level in our analysis of February 3, Tron price analysis: first target passed: indicating resistance of $0.070.
Today we see that Tron took resistance in both February and March, and in both cases it retreated. This is the level for the first signal of a long-term bearish trend reversal.
Turning to the weekly chart, we can see that the high price areas where the Tron has stalled have gotten better. Also noticeable is a series of candles with long shadows at the base, showing that the selling phases always eventually reabsorbed.
Nevertheless, the slope of the trend remains evident: a series of candles with lower closes than the previous week. We also note that the indicator setup on the weekly chart remains positive.

Short-term resistance and support levels

Turning to the daily chart, we highlighted the day the SEC investigation was announced with a -10.78% candle. In the days that followed, Tron rebounded from the decline and reduced volatility with a series of narrow-bodied candles.
For Tron to resume its uptrend, it must rise above the resistance area marked between $0.0667 and $0.06750, from which it is now 4% away. So far at the support level, we see that the price has moved to the area of $0.0555, which corresponds to the old resistance, which became support today.