- Despite being over 2.5% lower on Wednesday there might be some good news for TRON bulls.
- The bears failed to break the recent wave lows on the hourly chart and now the price has bounced slightly.
TRX/USD 1-hour chart
TRON has been pushing lower recently and now it seems for the short-term at least the market may have found some support at the 0.014907 level. On this chart, you can see the sell-side candle have been much larger and packed with more volume than the buy-side ones. This is also a confirmation signal there the market is still in a bear trend.
This could be starting to change as now a higher low has been created. All the bulls will need for confirmation is a break of the 0.015422 consolidation high. Elsewhere, one of the major resistance levels on the chart confluences with the 38.2% Fibonacci retracement zone. The bulls may need to watch out for that level if there is a break higher. Lastly, all if this could be negated if the low of 0.014907 is broken and this remains the major support level on this timeframe.
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