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.

Tron Daily Chart

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.

Tron Hourly Chart

Key Takeaways:

  • 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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