- TRON’s crypto momentum and purchasing pressure weren’t strong enough for a price break.
- It was possible that TRX would reverse its trend due to an overlap in the liquidation level and resistance.
TRON [TRX] At press time it was priced at $0.232 after the price drop over the weekend. The price has risen quickly despite the sudden increase. TRON Crypto was still below the local resistance of $0.25.
Bitcoin [BTC] TRON may be affected by this market trend as the price of TRX hovered near $83k. The technical analysis suggested that traders may want to sell TRON if the coin retested its overhead resistance.
TRON Crypto Range Formation to Check Bulls’ Progress Again
Source: TRX/USDT TradingView
TRON is trading in a price range between $0.2745 and $0.22 (purple), where $0.248 serves as a mid-range. In the last six-week period, the midrange level has been acting as a constant resistance. The prices have failed to cross this barrier and dropped down to the low of the range.
TRX’s price fell to the bottom of its range on March 16th, but bulls pushed it up over 10% within the previous three days. OBV however has not exceeded a high local level, showing a lack significant bullish influence.
At the time this article was written, the RSI stood at 50. This suggests a possible momentum shift. Similar shifts were observed over the last two months, but they did not lead to an increase in price above the mid-range.
Coinglass
On the heatmap for 1-month, $0.25 was highlighted as an area of magnetic attraction. After the recent surge in prices, a move up to the middle range and the liquidation level would be a good fit.
TRON may be drawn higher if there is a cluster of liquid just above the middle-range price level before reversing to bearish.
TRON will therefore likely touch $0.25 before the bearish trend reverses. This is a good opportunity for traders to short sell TRON, or to use it to make a profit. However, the timing was not right to attempt to buy TRON and hope to see more gains.
Disclaimer: All information provided is the opinion and solely of the writer. The author does not provide any financial or investment advice.
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Source: ambcrypto.com
