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Technical Analysis for TRXUSD for 15th October 2021

Tron's USDT Activity Spikes, Will this Lift TRX above $0.10?

In a recent interview with Business Insider, Steven McClurg, the CIO of Valkyrie Investments, thinks Tron is winning the blockchain war in Asia. There are now more USDT transactions on the high throughput network than all the other blockchains combined, partly due to low transaction fees and its decent NFT market.

Past Performance of TRX

At the time of writing, TRX prices are flat versus the greenback. 

All the same, buyers appear to be in control though capped below $0.10—a critical liquidation line.

What to Expect of TRX

Technically, TRX/USDT candlestick arrangement points to strength from a top-down approach. 

However, in the short term, there are signs of weakness. 

Specifically, TRX prices are consolidating below $0.10—a notable liquidation line and October 2021 highs. 

On the lower end, prices have support at $0.09. A close below this mark may force TRX towards September 2021 lows of $0.08.

Tron Technical Analysis

Despite the consolidation in the daily chart, Tron buyers have the upper hand. 

While aggressive TRX traders may load the dips, a close above $0.10 may provide more reassurance for optimistic traders. 

If a high volume close prints, thrusting the coin above October 2021 highs, TRX may surge back to $0.12 and September 2021 highs in a buy resumption pattern. 

Conversely, deeper losses below $0.09 may see the coin tumble towards $0.08, mirroring losses of September 2021.

Resistance level to watch: $0.10

Support level to watch: $0.08

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

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