TRON Bounces Back from Its Swing Support Levels!

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TRON has hit a new two-day high and seems to have taken support from $0.082 levels. While the volumes so far haven’t been substantial, the continuation of this sentence is inevitably required for pushing the TRX prices to new highs. The trading range has been suppressed in a tight zone, which can be seen as a consolidation level in monthly charts.

TRX currently holds a decent market position with a total capitalization of above USD 6.2 billion. On weekly charts, TRON has dumped over 10% of its gains, but currently, it is showing the scope of retracement.

TRON Price Analysis

TRX, despite undergoing stiff profit booking, has managed to respect its immediate swing support level active in the range of $0.079 and $0.084. On the contrary, the resistance zone has developed between $0.105 and $0.1105. The chart pattern of one day is similar to that of a bearish reversal pattern but closing above $0.10.

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TRON Price Analysis

Price action, RSI levels, volumetric pattern all cumulatively point fingers towards a similar trend, which indicates losing traction. TRX cryptocurrency has been down by close to 30% in the last four weeks, with no hopes of buying, retracement, or trend reversal. On the one hand, where RSI has taken a hit from positive to marginally negative, volumes have also taken a similar dip, with current volumes being just a fifth of the volume on September 07, 2021.

All these factors indicate the inevitability of a significant sell-off with a challenging resistance level being developed that has been unchecked and untested by any recent price movements. TRX has faced a difficult moment after breaking its 200 DMA level, but in the last two days, it has somehow retested its 200 DMA support and shows a tendency towards recovery. RSI also moved up by four points to 44.65.

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As per the TRX price prediction, the price movement on an hourly time frame seems optimistic. Still, it has an immediate resistance level of $0.09 to breach before being considered even slightly positive.

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Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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