Technical Analysis for TRXUSD for 24th November 2021
Tron Bulls Hold Steady Above a Multi-Week Support Line at $0.10
Past Performance of TRX
Overall, Tron has become one of the most active, highly-scalable layer-1.
As a niche leader, TRX has utility, therefore, propping prices.
Nonetheless, TRX has been under immense pressure in the past few days, shedding its value.
Still, the TRXUSDT uptrend remains since the primary support trend lines seem to be the launching pad for optimistic bulls.
What to Expect of TRX
From the TRXUSDT performance in the daily chart, the uptrend is valid as long as the multi-week support trend line holds.
Buyers will also have a chance if prices trend above $0.10.
Thus far, the November 18 bear bar defines the short-term trend. A close above $0.11 may rejuvenate bulls targeting $0.12.
Conversely, deeper losses confirming bear bars of November 16 and 18 may see TRXUSDT tumble to $0.08.
Tron Technical Analysis
From a top-down approach, TRX buyers are firm, soaking in selling pressure.
The inability of bears to break below the support trend line is a net positive for bulls.
Even so, Tron sellers are in the driving seat reading from the recent price action.
This will, however, change if TRX prices surge above $0.11.
Such a move would pad bulls, offering the momentum for another leg up above November highs at $0.12 in a buy trend continuation pattern.
Resistance level to watch: $0.11
Support level to watch: $0.10
Disclaimer: Opinions expressed are not investment advice. Do your research.