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.
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