Tron (TRX) - we are waiting for a global growth wave to $0.09The week of trading on the TRON (TRX ) market ended with an unsuccessful attempt by sellers to continue the wave of decline without correction and gain a foothold below the liquid range of $0.059-0.062. Having used small volumes to continue falling, sellers were able to touch the $ 0.046 mark. However, the weekly candle closed at almost $0.065, creating a false breakout of the range of $0.059-0.062.
This fact testifies to the local weakness of sellers below the range of $0.059-0.062. The first local pivot point for sellers to continue the downward trend is in the range of $ 0.067-0.068. On the daily timeframe, it is clearly seen that it was after the breakdown of this range downward that sellers were able to lower the Tron price by 30% in 2 days:
In addition, a sharp counterattack of buyers, which also lasted 2 days, stopped exactly in the range of $0.067-0.068 . Therefore, in order to make a trading decision to buy, it is necessary to wait for either a breakout of the range of $0.067-0.068 upwards and expect a retest of this liquid zone from above, or wait for a local price decline to $0.059-0.062 and buy in this range.
Why is there a high likelihood of a new wave of decline in the TRON (TRX) market in a local perspective?
Firstly, do not forget that although the wave of decline in the TRON market, which began in May, has slowed down, a clear falling TRX price channel is visible on the chart.
Secondly, the daily chart shows that on June 23-24, buyers were much more aggressive than in the last 4 days. This is evidenced by the aggressiveness of candlesticks and volumes.
Third, on the TRXBTC chart, we see a stable price movement in a falling channel and low trading volumes.
This fact indicates that the situation on the TRON market has not changed yet. Buyers face another toughness test, during which they cannot be allowed the TRX price to renew the previous low. In this case, the main target of buyers is in the range of $0.09. However, if recently the price of TRXUSDT could do it in a few days - now it may take several months. A significant decrease in trading volumes and a negative situation in the crypto market have significantly reduced volatility and optimistic scenarios for updating historical highs of coins.
This is our main scenario for now. However, if buyers cannot hold the range of $0.059-0.062, we will expect the continuation of a powerful wave of decline with the target of $0.037-0.039
P.S. - our previous TRX forecast worked out completely:
________________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!
