This website uses cookies to ensure you get the best experience on our website

Technical Analysis for TRXUSD for 12th May 2022

Tron soaks Selling Pressure as TRX holds above $0.07

Past Performance of TRX

As per the candlestick arrangement in the daily chart, sellers are dominant. TRX is at break even versus the USDT in the last trading week. However, bulls are resilient, soaking the deluge of selling pressure of early this week. Presently, buyers stand a chance if they keep prices above $0.07 with more headroom if there is a snapback to trend above last week's highs of around $0.09.

Tron Technical Analysis

Tron hasn't been spared the sell-off of the first half of the week. Although prices are relatively stable and TRX is under significant liquidation pressure in the immediate term, the Doji bar of May 11 is a ray of hope. The immediate support is $0.07, flashing with May 1 and April 21 highs. A close below this mark could portend doom, a sell-off that may take TRX to $0.05, confirming sellers of May 9. Conversely, a lift-off above $0.09, unwinding losses of May 9, and breaking above the consolidation of late last week, could draw more buyers, pushing TRX towards $0.12.

What to Expect from TRX

Sellers are still in control despite rejecting lower lows on May 11. Nonetheless, the May 9 wide-ranging bear candlestick is trend-defining. A close below $0.07 is enough confirmation of sellers angling April 2022 lows.

Resistance level to watch: $0.09

Support level to watch: $0.07

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

For more interesting tips and facts visit our Education Centre.

Have Questions? 

We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020