Tron (TRX) has managed to maintain a price above $0.20, currently trading around $0.22. However, its ability to sustain this upward trend is under threat due to strong resistance levels and a weakening market sentiment.
One key factor suggesting a possible pullback is the In/Out of Money Around Price (IOMAP) indicator, which highlights price ranges where tokens were bought at a loss or profit. These levels tend to act as either support or resistance zones.
At the $0.23 mark, approximately 3.34 million addresses hold 3.33 billion TRX at a loss, while at $0.24, 4.72 million addresses own 3.92 billion TRX in loss. These positions could create selling pressure as holders look to break even, potentially preventing TRX from moving past $0.23 or $0.24.
Technical analysis also points to a possible slowdown for TRX. The Moving Average Convergence Divergence (MACD) indicator, which tracks momentum, has recently shifted into negative territory. A bearish crossover has occurred, with the 12-day EMA (blue line) dropping below the 26-day EMA (orange line), signaling that the bullish trend is losing strength. If this trend continues, TRX could remain below the $0.24 level in the near term.
The Fibonacci retracement tool suggests that TRX is currently hovering near the 0.236 level, a crucial support area. If it manages to break above $0.22, it could reach $0.27 (0.382 Fib level), and with additional momentum, could potentially hit $0.33. On the other hand, increasing selling pressure could see the price dip to $0.15.
Given the current market volatility, traders should monitor key resistance levels closely before anticipating any significant upward movement.
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