The Tron price has been trading in a range just below its significant long-term level of $0.03. This level has been a support level for a long time, but amid the recent cryptocurrency market bloodbath, the price of Tron dropped below, and we now seem to have a classic case of support turned resistance. There has already been a recent failed attempt for the price to rise back above. The trading around this range has been on low volume, and it seems unlikely that price will make a sudden surge above even given the rise in the markets today.
On the hourly, the price is trading at the 100EMA which seems to be providing some resistance. A centreline crossover to the upside has just occurred in the MACD, a bullish signal but it is questionable whether it can have much effect with the $0.03 level in close range. The last couple of candles on the hourly chart have been on below-average volume which shows that this rise might be coming to an end.
- Price is currently trading in a range just below the important level of $0.03. Is this the perfect opportunity for short sellers to take positions?
- A sudden surge above $0.03 seems unlikely
- Last two candles on hourly were on low volume indicating that the current rise could be coming to a conclusion
- Centerline crossover to the upside occurred on the hourly but had little effect
- Price appears to be experiencing resistance at the hourly 100EMA
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