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Technical Analysis for TRXUSD for 26th October 2021

Tron Inside a Wedge, TRX Buyers Fail to Take Out $0.10

The Tron NFT ecosystem is slowly taking shape with Enjin plans for Efinity. The launch combines NFTs, gaming, metaverse, and DeFi on the low fee base layer.

Past Performance of Tron

The TRX coin is in a tight trade range below the critical resistance line at $0.10. 

Overall, reading from CryptoAltum price feeds, it is critical for Tron bulls to overcome the minor liquidation level, opening up more opportunities for hopeful traders.

What to Expect of Tron

Technically, the TRX/USDT candlestick arrangement in the daily chart seems to favor buyers. 

However, the failure of TRX buyers to follow through with bullish cues is draining momentum. 

Risk-averse traders, therefore, can wait until there is a trend definition above $0.10 or below $0.09. 

Either way, the breakout should be with relatively high trading volumes signaling trader approval.

Tron Technical Analysis

As mentioned earlier, Tron prices are in a tight $0.01 trade range. 

In a consolidation inside a rising wedge, buyers appear to be in control. 

Even so, Tron bulls are apprehensive. For buyers to take charge, there must be a high-volume, wide-ranging bull bar blasting above $01.0, setting the base for a possible rally to $0.12—September 2021 highs. 

Leaning on caution, a meltdown below $0.09 would likely nullify the uptrend, shifting the TRX/USDT price action in favor of sellers targeting $0.08. 

This would snap the Tron price action, aligning it with the September 2021 trend.

Resistance level to watch: $0.10

Support level to watch: $0.09

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

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