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Technical Analysis for TRXUSD for 24th February 2022

Tron Prices Crash below $0.06 as Bears Double Down

Past Performance of TRX

After fleeting gains, Tron bulls' hopes were dashed in the early Asian session when TRX prices crashed below $0.06, swinging price action to favor sellers. At the time of writing, sellers are squarely in charge, reading from the development in the daily chart despite the formation of an inverted head-and-shoulder pattern.

Tron Technical Analysis

From the TRXUSDT candlestick arrangement, bears are in charge of a bear breakout pattern clear in the daily chart. The swing in price action for sellers came after periods of higher highs early this week. Notably, the close below $0.06 has high trading volumes, pointing to determined sellers. Based on this pattern, every low could be an unloading opportunity for bears targeting $0.05 in the short term.

What to Expect of TRX

Bears are evidently in a commanding position. With the cancellation of the uptrend and reversal of gains posted early this week, sellers are in control. Noticeably, bear bars are banding along the lower BB, signaling increasing sell pressure, indicators of general price action weakness.

Resistance level to watch: $0.06

Support level to watch: $0.05

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

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