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    Home»Analysis»Tron’s [TRX] latest rejection might have the following implications
    PP-4-TRX-cover-1000x600.jpg
    Analysis

    Tron’s [TRX] latest rejection might have the following implications

    adminBy adminApril 27, 2022No Comments3 Mins Read
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    Disclaimer: The results of the analysis below are the author’s sole opinion and should not be considered investment advice.

    At the beginning of April Tron Occurs beyond the critical level of resistance on the price chart.News of that release Native stablecoinThe USDD surged nearly 20% in coins after this resistance was retested as a support. Long-term traders and investors have already seen intense volatility on TRON’s price charts in recent weeks.

    In the next few days, if the TRX fails below the significant horizontal levels mentioned above, the chances of a further downside increase.

    TRX-12 time chart

    Source: TradingView TRX / USDT

    An important level of support is the horizontal level of $ 0.062. Earlier this month, the TRX fell to $ 0.0579 and rebounded, serving both support, resistance and support roles. Another area to watch out for is the $ 0.063 to $ 0.065 zone.

    At the time of writing this, the price was in this zone and was important until 2022. If the TRX falls below $ 0.063, prices could drop further in the coming weeks. However, weak bounces can occur from within this zone.

    A set of Fibonacci retracement levels (yellow) was plotted based on the drop from $ 0.079 to $ 0.057. We have shown that the retracement levels of 78.6% and 61.8% are $ 0.074 and $ 0.071. On the 12-hour chart, prices could not exceed the former level and could not close above the latter.

    Coupled with last week’s loss, it showed a firm refusal in resistance to TRX. He also pointed out that the price will fall further to $ 0.062, and in some cases lower.

    The rationale

    TRON rejected in rally attempt-can TRX find support for $ 0.062?

    Source: TradingView TRX / USDT

    The RSI surpassed the Neutral 50 and stayed there for a few days. However, at the time of writing, it seemed likely to be below 50. This means that the uptrend is unlikely to last for the past few days and the downtrend may become apparent. At the same time, the Stochastic RSI approached the oversold territory, showing the possibility of minor bounces from the $ 0.063 to $ 0.065 area.

    On the other hand, OBV did not plummet as much as the price. This suggests that purchases over the past week are much stronger than sales.

    Conclusion

    Price behavior and momentum have shown TRON’s bearish turnaround over the past few days. This highlights how the transition to the $ 0.062 support level will be seen in the next few days.

    However, OBV has shown that buyers still have some strength in the rally market.

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