Technical Analysis for TRXUSD for 8th March 2022
Tron Rises 22% from 2022 Lows as TRX Bulls Expect a Surge Above $0.63
Past Performance of TRX
TRXUSDT prices are within a tight $0.06 zone of $0.57 and $0.63 as per the coin's performance in the daily chart. The recovery of TRX is welcomed and comes after deep losses, which saw the coin temporarily plunge to $0.05—a critical support level—reversing gains of H2 2021.
Tron Technical Analysis
There are higher highs relative to the lower BB as TRX bulls flow back. Based on the candlestick arrangement in the daily chart, risk-off traders may find entries on dips above $0.57, targeting $0.63 in the short term. Notably, trading volumes are increasing, and TRXUSDT prices are still inside the February 28 bull bar—a bullish outlook from an Effort-versus-Result analysis. However, if TRX drops below $0.57, prices may retrace to $0.50 in a bear trend continuation pattern.
What to Expect of TRX
The rejection of lower prices and sustenance above $0.57—within the February 28 bull bar—is a positive development. If TRX bulls add to their longs, a close above $0.63 and the resistance trend line may drive towards $0.72 in the medium term.
Resistance level to watch: $0.63
Support level to watch: $0.57
Disclaimer: Opinions expressed are not investment advice. Do your research.
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