Tron (TRX) Price Analysis: Bears Failed to Note Latest 52-Week Low, But Selling Didn’t End Here
- Tron (TRX) jumped nearly 13% but was again caught by short-sellers in an intraday trading session.
- Tron sellers attempted to enter the 52-week latest, but were rejected near the $0.046 mark of support.
- The market for TRON token jumped 18% in the intraday trading session as BTC reversed from $20K.
Buyers are still active despite the ongoing cryptocurrency market collapse. Following buyers’ orders, traders from last night were taken by surprise as TRX price saw a sudden rally in its price, where the bulls gained around 13.5% in a single day.
Despite the bullish move, the bulls failed to break the previous swing high of $0.0648. Consequently, the bulls are facing a retracement phase in the intraday trading session.
Since the US Federal Reserve boosted interest rates by 75 percent growth, the price of TRON (TRX) has increased by more than 24 percent. Simultaneously, the TRON blockchain has obtained backing from an asset management firm, Crypto Finance.
Despite the pullback, the market cap of Tron (TRX) has risen 18.8% to $5.5 billion in the past 24 hours, according to the CMC. At the same time, at the time of writing, the Tron token was trading at the $0.0596 mark.
Sellers attempted to enter the latest 52-week entry but found a rejection near the $0.046 mark which is still valid as a support level. Moreover, TRON price with bitcoin pair is trading at 0.000002813 Satoshis with a gain of 13.5%.
Last night was the highest volatility for TRX speculators with trading volume at its peak reaching above $2.2 billion.
Tron jumpers nearly 18%
In terms of daily price scale, essential exponential moving averages like 20,50 and 100 have overlapped and the 20 EMA is going to break the 100 (Yellow) line. So it could be a strong sell signal according to the EMA indicator.
Recently, the daily RSI reversed from the highly oversold zone but again peaked towards the same zone.
Buyers are anticipating a correction in the Tron (TRX) token, but bears are also looking aggressive for a sell-off. If BTC continues the trend below $20,000 again, there will be no chances of a trend reversal.
support level – $0.046 and $0.040
Resistance level – $0.067 and $0.090
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss