- The price of TRON has just turned positive for the session up 0.60%.
- The market looks to have based out now and the consolidation high is the next target for the bulls.
TRX/USD 1-hour chart
TRON is now consolidated after recent losses. The zone ranged between 0.00711 and 0.01117 after such a heavy price drop over the last month. Looking ahead now, the bulls will be looking to target the top of the consolidation (black line). In the way is the green resistance line of 0.010388 this level has haled the price a couple of times already.
On the downside, there is the pink trendline which could provide some support and then the blue previous wave low. The main support will still be the bottom of the consolidation at 0.00711. It’s important to remember that the underlying trend is still down and it is very hard to trade against the trend. Looking for short positions at higher levels might be a better way to go.
Elsewhere, in the rest of the cryptosphere there has been very similar price action but Bitcoin seems to lead the moves. It is important to look at the differences between the percentage changes. Like today (Wednesday) TRON is performing better than most of its counterparts. So if there is a rise TRON could be a high performer. Keep an eye on this.
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