TRON price prediction: Teasing head-and-shoulders breakdown

0
  • The No. 13 cryptocurrency finds buyers again ahead of 0.01380.
  • Recovery appears shallow amid weakness across the crypto space.

TRON (TRX/USD) stalled its overnight decline and jumped sharply from daily lows of 0.01380 in Sunday’s early trading. However, sellers continued to lurk just below the 0.01410 handle, leaving the coin side-lined over the last few hours. The world’s thirteenth most widely traded digital asset, currently, trades close to the 0.01400 level, in absence of weekend love across the crypto space. The spot is down almost 4% over the last 24 hours, with a market capitalization of $ 929 million.

TRX/USD daily chart

Despite the recovery attempts, TRX/USD remains exposed to further downside risks, as the price teases a head-and-shoulders (H&S) breakdown, as spotted on the daily sticks. Should the bears regain poise, the cryptocurrency will test the pattern neckline once again, now placed at 0.01317. A daily close below the last will confirm the H&S formation (bearish reversal pattern), paving way for heavy declines over short to medium-term. The immediate support awaits at the September 24th low of 0.01174. A failure to defend the said level, bears will gear up for a test of sub-0.01000 levels. The price looks heavy, also as it trades below all the major daily Simple Moving Averages (DMA) while the daily Relative Strength Index (RSI) seems to have more downside bias.

Meanwhile, the recoveries will continue to lack substantial follow-through as long as TRON remains below the bearish 21-DMA at 0.01485. If the bulls manage to overcome the 21-DMA hurdle, the horizontal 100-DMA at 0.01629 will be a tough nut to crack.

 

 

 

Get the 5 most predictable currency pairs

About Author

Comments are closed.