#Tron Bounces 12% from November Lows, TRX in a Bear Flag
Past Performance of Tron
Tron prices are within a classic bear flag, adding 12 percent in a possible dead cat bounce. Overall, the TRX price formation is anchored by bears of early November since bulls are yet to reverse all losses. Traders can look to unload on every pullback higher but below $0.057.
#Tron Technical Analysis
TRX bulls appear to be in control, printing higher highs relative to the lower BB. Notably, prices are inside a rising channel. Even with this, TRX prices are higher, lifted by relatively low trading volumes, as the past six weeks of trading activity reveal. Therefore, if TRX is below $0.057 and inside the bear range set between November 8 and 14, the probability of the coin dropping further is high. Conservative traders can wait for a clear trend to form. Any gain above $0.057 may see TRX rise to $0.064 and November high is a welcomed bounce. Conversely, losses below $0.052 and December 20, below the lower trend line of the rising channel, will cancel this bullish outlook.
What to Expect of #TRX?
Buyers are upbeat, but prices are inside a bear flag. The leg up also has lower trading volumes, meaning sellers are still in control. Any break below the rising channel, allowing prices to sync with losses of December 20, could see TRX sell-off stiffly.
Resistance level to watch out for: $0.057
Support level to watch out for: $0.052
Disclaimer: Opinions expressed are not investment advice. Do your research.
Tron prices are within a classic bear flag, adding 12 percent in a possible dead cat bounce. Overall, the TRX price formation is anchored by bears of early November since bulls are yet to reverse all losses. Traders can look to unload on every pullback higher but below $0.057.
#Tron Technical Analysis
TRX bulls appear to be in control, printing higher highs relative to the lower BB. Notably, prices are inside a rising channel. Even with this, TRX prices are higher, lifted by relatively low trading volumes, as the past six weeks of trading activity reveal. Therefore, if TRX is below $0.057 and inside the bear range set between November 8 and 14, the probability of the coin dropping further is high. Conservative traders can wait for a clear trend to form. Any gain above $0.057 may see TRX rise to $0.064 and November high is a welcomed bounce. Conversely, losses below $0.052 and December 20, below the lower trend line of the rising channel, will cancel this bullish outlook.
What to Expect of #TRX?
Buyers are upbeat, but prices are inside a bear flag. The leg up also has lower trading volumes, meaning sellers are still in control. Any break below the rising channel, allowing prices to sync with losses of December 20, could see TRX sell-off stiffly.
Resistance level to watch out for: $0.057
Support level to watch out for: $0.052
Disclaimer: Opinions expressed are not investment advice. Do your research.
