Tron’s price has been quite stable over the previous six weeks, fluctuating between $0.66 and $0.07. The break below the $0.07 ceiling in the 4-hour time frame validated an earlier bullish continuation scenario. The most recent decline, meanwhile, has bolstered bearish efforts to push TRX closer to the 200-day Exponential Moving Average in the near future.
As the alternative currency has not yet repeatedly tested the immediate support around $0.067, bulls may look for a patterned breakout in the next sessions. The likelihood of a sustained rebound in the near future would be bolstered by a rise above the 20-period exponential moving average. Trading TRX at $0.06843 at the time of writing.
Timeline of 4 Hours in Tron
After initially falling below $0.063, TRX has shown remarkable increase since then. A bullish pennant formed on the price chart after a strong rebound from long-term support. However, when price action declined toward the 20-50 EMA, sellers proved to be present in the near term. Since the 200 Exponential Moving Average is near the current support level at $0.067, the altcoin has a better possibility of sparking recoveries.
The alternative token could perhaps break out of its current trend with the help of a strong bullish impulse. A rise to $0.0709 could be detrimental to sales efforts, depending on the market. Meanwhile, investors should keep an eye out for signs of a recovery in this area. If a death cross forms on the EMAs, the altcoin’s price may drop in the near future. In this case, the range from $0.065 to $0.066 represented potential objectives.
The Relative Strength Index (RSI) showed a rather neutral position, with readings that struggled to rise over 50. To increase the likelihood of a positive breakdown, buyers need to go past the 50-point resistance level. In addition, despite lower troughs by the price movement, the OBV (on-balance volume) maintained its nearest support. So, this verifies the existence of a brief bullish advantage. Additionally, there was a positive divergence between the A/D (Accumulation/Distribution) and the TRX price, with the latter showing higher highs. When looking at the ADX, however, the directional bias toward the alternative is notably modest.
With a bullish pennant forming near the 200-day exponential moving average (EMA), Tron’s TRX could see a return before meeting strong resistance. Aims would stay the same as those mentioned earlier. Enthusiasts, however, should monitor Bitcoin’s behavior and its impact on the market as a whole for profitable trades. Furthermore, this sort of study will aid in locating potential invalidations of the bullish case.