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Technical Analysis for TRXUSD for 11th October 2021

Tron Bulls Retest $0.10; Will TRX Float To $0.12 Mirroring Rapid July-August Gains?

Tron continues to burn more TRX, causing scarcity, therefore, supporting prices. Occasionally, there are times when the network burns more than the number of coins released to validators, causing TRX prices to trend higher.

Past Performance of TRX

The TRX prices are down three percent on the last trading day but up roughly nine percent week-to-date according to CryptoAltum data. 

At the time of writing, TRX is perched at 28th in the market cap leaderboard.

However, buyers have the upper hand. 

From the daily chart, TRX bulls have unwound losses in late September. Prices may close above $0.10, triggering another wave of demand which may lift TRX towards $0.12—September 2021 highs.

What to Expect of TRX

Buyers are in a commanding position reading from price action in the daily chart even though prices on the last trading day were tepid. 

Nonetheless, a close above $0.10—September 20 highs—may be the basis for a lift-off towards September highs in continuation of the July to September 2021 trend. 

On the flip side, losses below $0.09 and the middle BB may embolden sellers expecting bears of September 2021 to flow back, mirroring last month's losses.

Tron Technical Analysis

From an Effort-versus-Results analysis, sellers have the upper hand. 

However, the momentum could shift if there is a high volume close above $0.10, reversing losses of late September. 

If buyers emerge on top, prices may float back to $0.12 in trend continuation as buyers dig in, loading the dips. 

On the other hand, sharp, unexpected losses below $0.09 and the dynamic support line invalidate the uptrend. In that case, TRX may plunge back towards September 2021 lows of $0.08.

Resistance level to watch out: $0.10

Support level to watch out: $0.09

Disclaimer: Opinions expressed are not investment advice. Do your research.

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