TRON PRICE ANALYSIS CMP-$0.077: Will consolidation break out or down?
- On the daily chart, TRX is situated between the 20-day and 50-day EMA
- TRX is currently trading within an ascending parallel channel, indicating a consolidation phase
- On the 4-hour chart, TRX has created a V-shaped pattern with a neckline positioned around the $0.07800 mark
TRX formed a V-pattern with a neckline near $0.07800.
TRX experienced a robust uptrend spanning from mid-June to late July, with its value surging from a low of $0.0699. However, on July 30, 2023, the cryptocurrency's price broke the trendline, initiating a downward movement and establishing support at approximately $0.0720.
Presently, Tron's price is on an upward trajectory, maintaining a trading position above $0.0750 relative to the US Dollar. Remarkably, TRX has outperformed Bitcoin and exhibits potential for further gains, potentially breaching the $0.0780 resistance level in the near future.
During the past week, Tron encountered a resistance barrier at $0.0780 when paired with the US Dollar, resulting in a rejection pattern. TRX made multiple attempts to surpass both $0.0775 and $0.0780 but was unable to do so successfully. Consequently, a downward correction ensued, causing the price to dip below the $0.0765 mark.
The descent led to a breach of the 23.6% Fibonacci retracement level. Nevertheless, the bulls actively defended the $0.0750 support level. Importantly, TRX managed to maintain its position above the 50% Fibonacci retracement level. Currently, the cryptocurrency is trading above $0.0765 and remains above the 100-hourly simple moving average.
For a bullish breakout, TRX needs to breach $0.0780, followed by $0.0800. A close above $0.0800 could pave the way for further gains, with a major target at $0.0832, and potential for an advance to $0.0880 in the near term.
If TRX struggles to surpass the $0.0780 resistance, a potential downside correction may ensue. The initial support rests around the $0.0760 region. Further downside momentum could lead to the price testing the significant support at $0.0740, and a breach below this level might trigger a more pronounced downward movement. The subsequent substantial support level lies at $0.0715.
Based on Coingabbar Price Analysis, the TRX has a market value of $6,889,055,733. The coin's 24-hour trading volume is around $250,422,365.
KEY LEVELS :
RESISTANCE LEVEL : $0.08000-$0.08300
SUPPORT LEVEL : $0.07500-$0.07200
Is TRX Price Heading for a Drop to $0.0725? Could a Pullback Pave the Way for a Rebound? Is TRON's Climb to $0.0900 Backed by an Ascending Channel Pattern? Please feel free to share your thoughts and opinions 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.
