in

Crypto Hot News Tron: How TRX traders can leverage these two opportunities to their benefit

Hot Crypto News Today Tron: How TRX traders can leverage these two opportunities to their benefit You Must Read To Get More Information For Trading and Investment.

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

After maintaining a position above the 20/50 EMA for a few days, the bulls have ensured immediate support near the 38.2% Fibonacci support. The decline from the $0.069-level reignited the bearish efforts in pulling TRON [TRX] toward its 20 EMA (red).

Furthermore, with the three-week trendline support (white, dashed) standing sturdy, the bulls could aim for a patterned breakout in the coming sessions.

A rebound from the 20 EMA could hint at a near-term recovery before a possible reversal from the $0.07-zone. At press time, TRX was trading at $0.06709, down by 0.55% in the last 24 hours.

TRX 4-hour Chart

Crypto Hot News Tron: How TRX traders can leverage these two opportunities to their benefit

TRX saw gradual improvements after dropping towards its yearly low on 15 June. The recovery from its long-term support entailed trendline support that lasted for over three weeks.

The buyers revealed their near-term edge, especially with the price action jumping above the 20/50 EMA. As a result, the TRX saw a bullish pennant-like structure in the four-hour timeframe.

A continued bullish momentum can help TRX break above the current pattern. In this case, the 200 EMA can cap the buying efforts from near the $0.07-zone. Traders should look for rebounding signals from this region.

In case of a bullish invalidation, the alt could see a drop until the 61.8% Fibonacci support near the $0.065-zone. Investors/traders must carefully assess the broader macro-economic sentiments affecting placing short bets.

Rationale

Crypto Hot News Tron: How TRX traders can leverage these two opportunities to their benefit

The Relative Strength Index (RSI) saw a stiff reversal from the overbought mark. Meanwhile, it formed a falling wedge whilst approaching the midline. Any reversals from the 50-level could inflict a patterned breakout and aid the buyers in propelling a rally.

Further, the On-Balance Volume (OBV) maintained its immediate support despite the price action’s lower troughs. Thus, revealing a slight bullish edge. Finally, the Moving Average Convergence Divergence (MACD) lines still needed a bullish crossover to claim a superior edge.

Conclusion

Given the current setup near the 38.2% support, TRX could see a bounce-back before falling back into a bearish zone. The targets would remain the same as above.

Finally, investors/traders should consider Bitcoin’s movement and its impact on broader market perception to make a profitable move. An analysis of this would aid traders in anticipating the possibility of any bearish invalidations.

Read more Crypto Hot News here.
Watch free hot girl asia stock quality Photos on hotgirl.asia Crypto Hot News Tron: How TRX traders can leverage these two opportunities to their benefit

What do you think?

Written by thegamefi

Leave a Reply

Your email address will not be published.

GIPHY App Key not set. Please check settings

Crypto Hot News The odds on Shiba Inu [SHIB] bouncing to form new highs are…

Crypto Hot News Should you sell Bitcoin [BTC]? Here’s what its recovery prospects are like