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TRON PRICE ANALYSIS CMP-$0.07560: "Bearish Sentiment Prevails as Bears Eye Lower Channel in Market Plunge"

Key Takeaways
  • TRON is currently trading within a bullish flag pattern on the 4-hour chart
  • On the daily chart, TRX price has reversed from the upper channel of the ascending channel pattern
31 May 2023 By: Lokesh Gupta

TRON initiated a recent upward movement

above the $0.0720 level against the US Dollar, following a similar pattern observed in Bitcoin. TRX may experience further growth if it successfully surpasses the resistance at $0.0780.

Over the past few days, TRON's price displayed a consistent increase starting from the support zone at $0.0712 against the US Dollar. TRX remained in high demand and managed to ascend above the $0.0755 zone.

TRON successfully surpassed the $0.0780 and $0.0788 levels, enabling it to enter a positive zone. However, the bears intervened as the price approached the $0.080 level. A peak was established near $0.0798, and the price is currently undergoing a correction. 

The downward movement resulted in a break below the 23.6% Fibonacci retracement level of the upward wave from the $0.0669 swing low to the $0.0798 high. Presently, TRON is trading below both the $0.0770 level and the 200-hourly simple moving average.

TRX is currently encountering resistance around the $0.0770 level. The subsequent significant resistance lies near $0.078. If the price manages to close above $0.078, it could potentially move towards the resistance zone at $0.0800. Further gains could propel the TRX price towards $0.0825, and if it surpasses that level, it may even rise towards $0.085.

TRX is currently facing a significant challenge. If it fails to surpass the resistance at $0.0770, it may experience a downward trend. However, there is hope as an initial support level can be found near $0.0752. This level is further strengthened by a bullish trend line forming on the 4-hour chart. In the event that TRX falls below this level, the next major support is being established near $0.0718. A break below this level could lead to a revisit of the $0.0700 support level.

Based on Price Analysis, the TRX has a market value of $6,833,611,785. The coin's 24-hour trading volume is around $194,939,938.


RESISTANCE LEVEL : $0.07800-$0.08000

SUPPORT LEVEL : $0.07400-$0.07200

"Will the Bull Rally Persist? This is the question on everyone's mind. Can TRON surpass the $0.0800 mark or will it plummet in price? We invite you to share your insights in the comments section below. 

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.