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Home»Altcoins»A new breakthrough for Tron on the charts takes…
Altcoins

A new breakthrough for Tron on the charts takes…

2023-06-12No Comments3 Mins Read
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Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.

  • Intense selling pressure caused bulls to lose key levels of support
  • Falling OI and Spot CVD pointed to more shorting opportunities

The Trendline Breakout and Tron’s Confluence Support [TRX] bears could signal a shift in momentum for TRX. The altcoin was down 12% in the past 24 hours as the price broke through the $0.0711 price zone under intense selling pressure.


Read TRONs [TRX] Price Forecast 2023-24


Tron’s price movement was in stark contrast to Bitcoin’s [BTC] which posted a 1% gain over the same period. Especially since the king coin appeared to recoup $26,000.

Bullish momentum contained at $0.0857 resistance

Source: TRX/USDT on trade view

Tron’s strong bullish momentum since April 26 caused it to break through year-long resistance levels to $0.0711 and $0.0787. However, the $0.0857 resistance level proved to be a step too high for bulls. The resistance-level price rejection ushered in a wave of selling pressure.

Bears immediately retook the $0.0787 resistance level on June 5. A retest of the recovered resistance level added more downside to Tron with two major bearish candles on the 12-hour time frame breaking the bullish support confluence in the $0.0711 price zone. However, bulls could find support at the $0.0672 support level with a price of $0.0697, as of writing.

Based on Tron’s recent price action, sellers might try to extend their gains with a retest of the $0.0711 level. More dips for TRX will make the market structure bearish in the long run, with bears targeting $0.0672 and $0.0627 as support levels.

See also  The magic number that takes BTC above $40,000

On the other hand, bulls may bounce back from the support level and push to quickly regain the $0.0711 and $0.0787 levels. This would allow the price to consolidate in a range before another significant price move.

Falling open interest showed discouraged bulls

Source: Coinalyse

A look at the Open Interest (OI) data of Coin analysis revealed buyers could be exhausted. The OI maintained a steady decline from June 3 as the price fell aggressively.


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


A drop in price and open interest indicated discouraged traders with long positions. This is a sign that a continuation of the bearish trend is imminent. The Spot CVD also reflected market sentiment with a significant decline over the same period. This highlighted the declining demand behind TRX.

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breakthrough charts takes Tron
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