Technical Analysis for TRXUSD for 23rd November 2022
Tron Inside a Bear Flag after Dropping 62% in 12 Months
Past Performance of TRX
Tron Technical Analysis
Tron is bearish, and prices inside a bearish engulfing bar and a bear flag, looking at the formation in the daily chart. At spot rates, TRX is also at around 2022 lows with chances of more losses if bulls fail to steady prices. Per the arrangement in the daily chart, traders can unload on every attempt higher toward $0.524, targeting $0.45 in a bear breakout continuation formation below the current bear flag. Even though there are higher highs relative to the lower BB that may offer a reprieve for buyers, volumes are low, and the $0.524 resistance level remains firm, capping upsides. Therefore, this formation ticks to favor sellers who expect more losses in a breakout and from an effort versus result perspective.
What to Expect from TRX
Tron's fundamentals are solid. However, TRX is bearish and inside a bear flag with resistance at $0.524. Technically, unless there are gains above this week's highs, sellers will remain in charge with elevated odds of TRX crashing below June 2021 lows.
Resistance level to watch: $0.524
Support level to watch: $0.45
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