Maintaining an upward trend from November 2022, Tron coin price maintains a year-to-date growth of 55%. Moreover, the upward journey creates a support trendline with the formation of higher lows.
Currently, the rising TRX prices face constant rejection above $0.080 due to excessive selling pressure.
The recent 22% jump in TRX prices led to a rising channel formation in the daily chart. It comes to a bearish end due to excessive selling pressure at $0.085. With the 10% drop within four days, the TRX prices are back at $076 coinciding with the 23.60% Fibonacci level.
Over the past 48 hours, the TRX prices are up by 2.02%, finding a cushion at the 23.60% Fibonacci level. However, the excessive selling pressure projects a high possibility of TRX price falling to the ascending trendline close to the 38.20% Fibonacci level at $0.071.
If the TRX buyers manage to hold off the selling spree at $0.076, a bullish reversal can challenge the $0.085 overhead ceiling. On an optimistic side note, the $0.085 breakout will unleash the trap momentum to reach the psychological mark of $0.10.
On the flip side, the $0.076 breakdown will challenge the bullish dominance of the support trendline near $0.071. In case of a bearish spree, the TRX prices can plunge to the 50% Fibonacci level at $0.067 or at $0.063 coinciding with the 61.80% Fibonacci level.
The staking feature for crypto ETFs will likely be approved by the Donald Trump administration. …
The TRUMP price has dropped 90% from its all-time high, which was recorded three months…
BNB is experiencing buying demand as overall market sentiment turns positive. Although the price is…
The wider altcoin market, led by memecoins, has signaled a bullish breakout soon amid ongoing…
Coinbase has held the stance that crypto assets are not securities but instead are digital…
In a massive market like the crypto market, finding a coin to invest in can…
