Tron traded within an ascending triangle, but a move below $0.048 could invalidate the pattern. Maker lost out to $2,034 support, while SUSHI bears targeted a drop towards the $17-mark.
The next few sessions could be crucial for Tron’s price as it traded close to $0.048 support. A move below this level would invalidate an ascending triangle and likely see TRX move towards $0.04 support. If the breakdown does not take place, a bullish outcome could still be expected with an upside of $0.057. However, that would rely mostly on cues from the market leaders Bitcoin and Ethereum, both of which were in the red at press time.
The indicators on TRX were not favorable either, as the Awesome Oscillator’s red bars eyed a move below the half-line, while the RSI was close to touching the oversold zone. For an upwards breakout, the bulls would first need to negotiate the present sell-off.
Maker bulls were unable to hold on to the present channel as the price flipped $2,034 to resistance from support. A sharp fall in the OBV highlighted strong selling pressure as the bulls lost out to a key support level. Red bars on the MACD’s histogram noted a bearish presence in the market over the past few days, which escalated at the time of writing.
An extended bearish scenario could see MKR fall all the way to the $1,800 level. However, the appearance of a bullish spinning top candlestick created some optimism and a retest of the current support mark was possible over the coming sessions as well.
The Bollinger Bands showed high volatility in the Sushiswap market as the price moved below the signal line at the time of writing. This suggested that the pullback from record levels could extend towards the lower band and around the $17-mark. The Chaikin Money Flow showed that capital outflows were consistent with the price drop, while the RSI formed a series of lower highs and pointed south from the 50-level.
The bulls faced an uphill battle in overturning the bearish SUSHI market, especially during a broader market pullback. Support at $17.43 could lead to a favorable comeback, but the line would first need to cushion incoming short-term losses.