Tron is experiencing a recovery in price today in line with the cryptocurrency market as a whole. It was just a few days ago that Tron broke below its important support level at $0.03 and has just experienced three days of steep losses. It is already trading near the $0.024 level which is another important level for Tron.
Amid cryptocurrency euphoria back in December, Tron’s price rose from trading in a range around $0.002 to an all-time high of near $0.25. $0.024 has acted as support a number of times since this euphoric rise. If price were to break below here, it would be questionable where the next support level would come in to play as price previously rose rapidly between $0.002 and $0.024 without prolonged trading within ranges. This can be seen on the daily chart below. The RSI is also approaching oversold levels which indicates a turn back to bullish for price action may be next.
The price of Tron is currently moving in sync with that of bitcoins. The last two hours have had significant increases on strong volume along with a slowdown as the hourly 50EMA mark is approaching. Trading may occur in a range for a while as traders take positions for the next big move. A move to the upside is likely to be met by resistance at the 100EMA.
- Tron’s price has been dropping heavily recently
- $0.024 is an extremely important support level. Next support level after this is hard to identify
- Price has been in sync with that of Bitcoin recently with the last two candles showing gains on strong volume
- Price slowing down as it approaches the 50EMA. A further rise is likely to be met by resistance at the 100EMA.
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