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Tron’s price activity has seen a moderate extension of the bearish correction that began yesterday. Nevertheless, the token still trades significantly higher than its launch price of $0.006000 in 2018. Indications suggest that an upside rebound may not be far off at this point. Let’s take a closer look.
Tron Protocol Statistics:
Current TRX Value: $0.1271
Tron Market Cap: $11,085,985,585
TRX Circulating Supply: 87,179,659,665
Tron Total Supply: 87,179,691,865
TRX CoinMarketCap Rank: 11
Key Price Levels:
Resistance: $0.1300, $0.1500, and $0.1700
Support: $0.1200, $0.1000, and $0.0800
TRX Market Extends Bearish Corrections, But Bulls Are Staging a Resistance
Tron’s price action still stands above all the Exponential Moving Average (EMA) lines on the daily chart. Despite this, the market has experienced a significant downward correction. Similarly, the Stochastic Relative Strength Index (SRSI) indicator lines have delivered a bearish crossover in the overbought region.
However, it is worth noting that the ongoing session has seen some positive contractions, as revealed by the appearance of the lower shadow on the last price candle on the chart. Traders may have started utilizing bullish crypto signals in the session.
Price Activity in the Tron Market Picks a Support at the 50-Day EMA Curve
Extending the price analysis to a Tron market with a 4-hours timeframe, we can see that buyers may have successfully staged a resistance to further downward corrections. A hammer-shaped price candle appeared in the previous session, followed by a proper price candle in the subsequent session.
Meanwhile, it should be noted that the price candle is also facing some downward rejection, placing pressure on the staged resistance. The SRSI lines are still in the oversold region but appear to be separating, suggesting a potential upward movement. Traders may want to wait for the trend to develop further by placing an entry just above the $0.1276 price level.
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