Tron appears to have formed a head and shoulders (H&S) formation after several attempts failed to move above key resistance.
Key Support Levels: $0.08, $0.07
Key Resistance Levels: $0.085, $0.09
If Tron price breaks below the H&S neckline (shown in blue on the chart), a retest of the key support at $0.07 is more likely. So far, the cryptocurrency has failed to move above the descending trend line which acts as resistance and extends to all-time highs since April 2021. Turning the key resistance at $0.085 into support will render this structure invalid.
trading volume: Volume has been falling over the past weeks. This may give an opportunity to the bears to bring down the price.
RSI: Daily RSI is flat but has managed to stay above 50 mark. As long as the RSI continues to push higher lows, the bull case for TRX cannot be ruled out.
MACD: Daily MACD is bearish, but selling momentum is not strong – as shown by the histogram.
The bias for TRX is neutral. The price needs to break below 0.08$ to trigger a bearish break.
Short term prediction for TRX price
Tron has been looking for direction over the past week, and any attempt to break higher was quickly rejected. So far, the key resistance at $0.085 has managed to keep the bulls in control. If the momentum does not improve, the bears may take hold and push the price back towards the crucial $0.07 support level.
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Cryptocurrency charts by TradingView.