Technical Analysis for TRXUSD for 27th October 2022
Tron Upsides Limited, TRX in Range above $0.060 Support
Past Performance of TRX
TRX prices might be bullish, as it is, but there is little to write home about at spot rates. Amid a market-wide recovery, especially in the top-10 coins, Tron is steady and still limited to the upsides with recent ranges. TRX is up two percent in the last 24 hours, but the only positive is that prices are within the bullish bar of October 14.
Tron Technical Analysis
Tron is bullish from volume analysis. This is a net positive for aggressive traders believing the coin is undervalued at spot rates. However, there has been no sharp price gain above $0.065, confirming gains of October 14. This forecast is especially true if TRX is above last week's lows at $0.060. As long as prices are above this support line, traders can buy on dips, targeting $0.065 with expectations of trend continuation. In that case, TRX, if buyers are in control, may soar to August highs at $0.072.
What to Expect from TRX
Buyers are in control, but there must be strong confirmations above immediate resistance lines for this forecast to be valid. The $0.060 support is crucial and validates the gains of October 14 that define the current price action.
Resistance level to watch: $0.065
Support level to watch: $0.060
Disclaimer: Opinions expressed are not investment advice. Do your research.
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