Connect with us
Active Currencies 13976
Market Cap $2,484,293,692,386.81
Bitcoin Share 51.75%
24h Market Cap Change $3.93
Analysis

TRON [TRX] breaks above two-month resistance despite BTC weakness

2min Read

The price action of TRON showed that the $0.07 and $0.072 levels of resistance are the ones to watch out for after the market structure was flipped bullish on the daily timeframe.
Posted:
Avatar
Journalist
TRON [TRX] breaks above two-month resistance despite BTC weakness
Avatar
Journalist
Posted:

Share this article

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

  • TRON’s development activity continued to tumble.
  • The move above an important resistance zone could spark a wave of buying

TRON [TRX] posted gains of close to 9% in the past week. Bitcoin [BTC] was up by 5% during this time but saw more volatility than TRX. However, a plunge in BTC prices could drag TRX down. If BTC remains stable or posts gains, TRX will also move upward.

Is your portfolio green? Check the TRON Profit Calculator

TRX staking continued to decline over the past week and the data from Santiment was not likely to inspire confidence in investors. However, the price action showed bullish signs and lower timeframe bulls can look for trade opportunities.

The move above the bearish order block can excite buyers

TRON [TRX] breaks above two-month resistance despite BTC weakness

Source: TRX/USDT on TradingView

The market structure of TRX has been bearish on the daily timeframe after the move below $0.066 on 7 March. Since then, the price set a series of lower highs, with the most recent one being the $0.067 level (marked in blue).

On 29 April TRON bulls forced a daily trading session close above this level, thereby flipping the structure to bullish. The RSI was above neutral 50, and stood at 61 to show strong bullish momentum. The break in market structure indicated further gains were possible.

A look at the 4-hour chart showed a bearish order block in the $0.067-$0.0677 area. On 30 April this block was broken and retested as support on 1 and 2 May. This confirmed that the bearish OB was flipped to a bullish breaker, another sign that TRX was poised for a move upward.

The OBV climbed upward over the past week, but this was not explosive. In 2023, there were times when TRX surged sharply and was accompanied by a spike in the OBV. Traders can watch out for another such spike.

How much are 1, 10, or 100 TRX worth today?

Negative funding rate and weighted sentiment showed bears in the ascendancy

The developer activity has been in a slump over the past ten days, even though TRX rallied from the $0.064 support level. Weighted sentiment was also negative despite recent gains, and the funding rate showed short positions were in the majority.

 

TRON [TRX] breaks above two-month resistance despite BTC weakness

Source: Santiment

The price action showed that the $0.07 and $0.072 levels of resistance can oppose the bulls. On the other hand, a daily session close below $0.0667 will flip the structure in favor of the bears once more.

 

Previous:
Next:

Share

Avatar
Akashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017. A graduate in Chemical Engineering, he is an expert in technical analysis. In fact, Akashnath has a particular interest in reading price charts and predicting how an asset will move over the short and long term. A self-taught trader and as someone who holds cryptos himself, he is always on the lookout for the next opportunity he can possibly capitalize on, while also educating his audience.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.