Tron (TRX) has broken through the lower boundary of its rising trend channel, a pattern it has followed for the medium to long term. This development indicates a potential slowdown in TRX’s upward momentum, possibly transitioning into a more horizontal price movement. However, this bearish signal contrasts with the recent short-term positive signal, where TRX has successfully broken through a resistance level.
Currently, TRX is trading at $0.116419 with a 24-hour trading volume of $790.40 million and a market capitalization of $10.75 billion. Despite the promising short-term breakout, the price has decreased by 0.15% over the past 24 hours. This drop highlights the key support and resistance levels: TRX finds solid support at $0.11 and faces resistance at $0.13. The negative volume balance, indicating more selling than buying, further suggests short-term weakness.
Changelly’s recent price prediction casts a shadow on TRX’s near-term future. The analysis forecasts a potential 9.71% decrease by June 14, 2024, which would see TRX prices dropping significantly. This bearish outlook is underscored by technical indicators revealing a market sentiment of “Neutral Bearish” at 27%, with a Fear & Greed Index score of 72. The high greed score implies that while traders are currently optimistic, there is also a high potential for volatility and market corrections.
The divergence in short-term and long-term signals puts TRX in a precarious position. On one hand, the breaking of a short-term resistance level provides a glimmer of hope for traders looking for quick gains. On the other hand, the breach of the rising trend channel and the bearish forecast from Changelly suggest that caution is warranted.
Analyst Sees Potential Rise to $0.127 For Tron (TRX)
Amidst the prevailing bearish sentiment surrounding TRON (TRX), renowned crypto analyst Jonathan Carter has shared an optimistic outlook on the cryptocurrency’s future price movement. Carter points to a potential bullish double-bottom pattern forming from the support zone around $0.111 as a key indicator that TRX might soon defy the current market trend.
This suggests that TRON is prepared for an upward trajectory based on this bullish reversal pattern which is not yet confirmed. A double bottom pattern is usually taken as a strong indicator of trend reversal; it also implies that cryptocurrency will have significant support at $0.111 level and rebound from there.
Carter’s analysis indicates a target local resistance level at around $0.127 if this pattern pans out as expected. Based on Carter’s projection, TRX could gain significantly from its present trading price of $0.116419, giving an opportunity to traders and investors who are closely monitoring the market performance.”
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