The technical picture has a bearish bias in both the short-term and long-term timeframe as the Tron price range-bound between $0.020 and $0.024. Tron continues to languish in extreme selling pressure despite the market experiencing a shallow recovery from the levels hit last week. The daily chart displays a clear picture of an asset that has forced its way below support after support.
Tron Key Analysis points
- Support Areas: $0.020 (Primary Support).
- Resistance Areas: $0.024, $0.030 and $0.04.
- MACD: Shallow divergence hints bullish correction in the near-term
TRX/USD daily chart
The ascend to June highs was incredible. Tremendous gains and sustained gains forming a higher low pattern pushed Tron to levels past $0.045. While investors hoped to see TRX above $0.05, the price formed a high at $0.04533 (Fibonacci swing high) before the retreat exodus began.
The declines initial infiltrated the ascending trendline support before forcing Tron on vital levels. The next support target at the 38.2% Fib retracement level taken between the last drop from $0.04533 to lows around $0.02 did nothing to stop the losses. Tron extended the exodus below $0.25. Luckily, an avalanche of buying power at $0.02 offered refuge to the bulls.
At the moment,
Tron is trading below March lows although there was a shallow recovery in the first week of August. The technical picture has a bearish bias in both the short-term and long-term timeframe. What is clear is the strong support at $0.020, besides Tron, is predicted to stay in a range between $0.020 and $0.024.
The Moving Average Convergence Divergence (MACD) has been stuck within the negative territory since mid-July. There is a slightly bullish divergence suggesting Tron’s ability to defend the support at $0.02. Moreover, the 50 Simple Moving Average (SMA) double-cross under the 100 SMA means that the price will make a lower consolidation.
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