The crypto fear & greed index has failed to escape the extreme fear region for a while now. Nevertheless, Tron witnessed resurgences compressive within two upward sloping converging trend lines. The revival came after TRX plummeted to $0.04.
A vigorous endeavor by bears to prevent a closing beyond the resistance at $0.069 might result in a near-term setback on Tron’s price chart. While writing this content, TRX changed hands at $0.0678, following a slight uptick within the past 24 hours.
Tron Daily Timeframe
Tron witnessed improvements on its daily chart after plummeting towards yearly lows on June 15. Recoveries from the long-term foothold comprise a bearish climbing wedge-like pattern.
Meanwhile, sellers dominated the prevailing market structure as the EMA 20 plummeted under the EMA 50 and EMA 200. Nevertheless, the current growth witnessed a closing beyond the EMA 20.
Moreover, the $0.069 mark might halt the immediate efforts by buyers targeting a $0.07 test. That might welcome a reversal from the prevailing pattern, opening the gates to hit the value area at $0.057 – $0.06.
Meanwhile, traders should carefully evaluate the overall macro sentiments before executing long bets. Bearish invalidation would witness a short-lived surge from the $0.071 – $0.075 level.
Reasoning
The RSI (Relative Strength Index) witnessed an impressive growth within the last couple of days, escaping the oversold area. A reversal from the equilibrium might see sellers propelling patterned breakdowns on the price chart.
Furthermore, reversals from the Chaikin Money Flow’s trend-line resistance would confirm a bearish divergence with Tron prices. Moreover, the oscillator has stayed beneath the zero line for more than three weeks and affirmed a strong sellers’ regime.
Final Thought
The sturdy resistance at $0.069 plus CMF’s bearish divergence might mean setbacks on Tron charts. In this scenario, take-profit regions would stay as mentioned above.
Nevertheless, enthusiasts should watch BTC’s moves and their effect on overall markets to ensure a profitable undertaking.
Bitcoin exhibited bearish tendencies at this publication and might lose the $20K level in the coming hours. The bellwether crypto encountered losses overnight, trading weakly at $20,099. It remains interesting to watch upcoming actions. Stay tuned.