Tron (TRX) Price Analysis – June 12
The past few days price drop has led the market to a strong bearish scenario, bringing the current price of Tron to $0.0342 level. Against the Dollar, TRX is lurking around for a price break as it trades in an ascending channel pattern. However, the token has continued to remain drastically low against the Bitcoin market. For these markets, we can expect a bullish reversal when selling pressure is exhausted.
Resistance levels: $0.036, $0.039, $0.042
Support levels: $0.0325, $0.031, $0.03
The TRX/USD pair has been following an ascending triangle pattern since the market fell to $0.03 in late June. Trading is now reaching a tight angle of the triangle which signals a potential surge in volatility. As it appeared, Tron is most likely to follow a bullish breakout which is common to this pattern. As we can see on the 4-hours MACD, the market has seen a positive break over the last weekend.
Now, Tron is on short-term consolidation. We can expect the price to rise to the $0.036, $0.039 and $0.042 resistance levels, retesting the June high. On the other hand, if the token falls, the market can locate supports at the $0.0325, $0.031 and $0.03 levels.
From 460SAT high in early June, Tron’s price has significantly remained low as the market make a current low around the 265SAT mark which weighs about 80% loss in the course of 40 days trading. The selling pressure is evidently huge as revealed on the 4-hours MACD.
The last few hours of trading has revealed a choppy price action as TRX faces close support at 260SAT. A break below this support could further bleed the market to 240SAT. meanwhile, if the buyers can show some positive signs, the price may rise to 270SAT, 310SAT and above, launching a bull-run in the market.
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