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

Technical Analysis for TRXUSD for 14th January 2022

Tron Bulls Pinned, Will TRX Price Hold Above $0.06?

Mid-December 2021, Tron's co-founder Justin Sun stepped away from the day-to-day operation of Tron after being appointed as Granada's Permanent Representative to the World Trade Organization (WTO).

Past Performance of Tron

The Tron price is recovering after deep plunges posted in the tail end of 2021. Currently, TRXUSDT is recoiling after inching higher early this week. Although TRX buyers might have the upper hand in the short term, the primary trend is overly bearish, provided prices trend below $0.075.

Tron Technical Analysis

TRX sank over 50 percent from November peaks to bottom-up from around $0.060 in early January 2022. At press time, buyers are stalling after encouraging higher highs early this week. Still, there is a double bar reversal pattern pointing to short-term strength. Notably, bulls have reversed losses of January 10 buoyed by decent trading volumes. Therefore, with shifting sentiment and TRX firm above $0.060, risk-off traders may load the dips targeting $0.075—which flashes with December 4 lows.

What to Expect of Tron

The TRXUSDT price found support at the 78.6 percent Fibonacci retracement level of the H2 2021 trade range. Thus far, bulls are building on reversals from early this week though the primary trend favors bears. Still, as long as TRX prices hold above $0.060—January's 2022 lows--, bulls may marshal strength and gradually unwind losses posted from mid-November 2021.

Resistance level to watch: $0.075

Support level to watch: $0.060

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