Tron (TRX) Price Watch: More Bulls Ready to Join This Retest?

Tron Price Key Highlights

  • Tron recently broke past a descending trend line on the 4-hour chart to signal a reversal from the downtrend.
  • Price hit resistance at 0.0435 and is in the middle of a correction from the rally.
  • Using the Fibonacci retracement tool shows the near-term support levels where buyers might be waiting.

Tron is in the middle of a pullback from its recent surge higher, and buyers might be waiting at the Fib retracement levels.

Technical Indicators Signals

The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. In other words, there’s still a chance for the selloff to resume from here. The 200 SMA appears to have held as dynamic resistance and might continue to do so.

RSI is also heading lower to signal that sellers have the upper hand for now until the oscillator hits oversold territory and turns back up. Stochastic is also moving south to reflect the presence of selling pressure but is already dipping into the oversold region to signal exhaustion.

In that case, bulls could seize the opportunity to catch the climb at any of the Fib levels. Price is currently testing the 50% Fib but might be due for a deeper pullback to the 61.8% Fib closer to the 100 SMA dynamic inflection point. If any of these keep losses at bay, Tron could resume the climb to the swing high and beyond.

TRXUSD Chart from TradingView

Cryptocurrencies had a mostly positive run in the recent week but traders are also book profits relatively quickly as some dismiss this as a short-squeeze. Still, it’s worth noting that the focus is currently on institutional money potentially flowing into the industry, which would likely bring in more developments and liquidity.

Apart from that, the dollar also took big hits on Trump’s recent remarks against Fed tightening, citing that the rate hikes and strong dollar are nullifying the progress the administration made in boosting growth.

Source link

Spread the love

Related posts

Leave a Comment