Technical Analysis for TRXUSD for 29th November 2021
Tron Losses a Multi-Week Support Trend Line, TRX Sellers Aim for $0.08
Past Performance of TRX
Tron prices are in consolidation and in a bear breakout based on the recent price performance.
With lower lows, sellers are in the driving seat as downward momentum builds up, signaling weakness.
What to Expect of TRX
From the TRXUSDT daily chart, sellers are in the driving seat following the close below $0.10.
Moreover, the downside pressure is with high participation levels since TRX bear bars are now along the lower BB.
As such, this points to high selling momentum and confident sellers even with early November 29 gains.
Therefore, as we advance, the TRXUSDT candlestick arrangement points to weakness and potentially deeper corrections towards $0.08.
Tron Technical Analysis
The TRXUSDT is weak, losing around 20 percent from November peaks.
As the market corrects, TRX is now within a bear breakout pattern below the primary support trend line of the ascending wedge.
With $0.10 lost for bears and selling momentum building up, TRX may likely drop towards $0.08—the 61.8 percent Fibonacci retracement level of the Q3 2021 trade range.
A strong bounce reversing losses of November 26, placing TRX back at $0.10, may draw demand, lifting the coin even higher in subsequent sessions.
Resistance level to watch: $0.10
Support level to watch: $0.08
Disclaimer: Opinions expressed are not investment advice. Do your research.
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