TRON Bears Still Dominate, but $0.08 Limits TRX Downswings
- TRON price movements indicate a developing bearish Ichimoku breakout.
- Oscillator readings show that TRX has limited downtrends.
- Massive support exists around the value area of $0.08.
TRON sees its price inside the most bearish conditions since 2021 June. That is according to the altcoin’s daily Ichimoku chart. TXT generated a vital bearish Ichimoku breakout last Friday, but that might mean an incoming bear trap.
TRON Prints Mixed Signs and May Plunge to $0.08 before New Highs
TRON price presented a somewhat muted response following its steep fall on Friday. The sell-off had TX exploring massive bearish conditions. However, bears seem unwilling or unable to maintain the selling momentum.
The gap between the Tenkan-Sen and daily candlesticks might be why short-sellers failed to control the momentum. Moreover, Optex Bands oscillator indicates TXR trading inside massively oversold territories, not witnessed since 2021 July.
For now, the coin awaits to test a short-term resistance at the value area near $0.10. Besides being a vital psychological level, $0.10 also comprise Senkou Span A, Tenkan-Sen, and Volume Point of Control. Sellers might be ready to catalyze bearish pressure on TRX at that price level.
Meanwhile, the 2nd-highest volume node in 2021 Volume Profile and the 50% FIB retracement share the level at $0.09. If TRX declines beneath that support, it might suffer a quick ride to $0.08. The 61.8% FIB retracement and a high volume knob sit at $0.08.
However, TRON needs to accomplish the entry by Bullish Ichimoku breakout to resume a dependable upsurge. That can have the alternative coin rallying towards another ATH. Nevertheless, TRON has to battle an extensive path for such a scenario. For now, the alt requires a close past the value area at $0.115 to resume its previous bull market.
For now, the overall crypto market appears to recover from the Black Friday crash. Cryptocurrencies struggled with plummets over the past week due to fears triggered by the new COVID variant discovered in South Africa. The updates resulted in panic selling as they feared possible global lockdowns. Moreover, the crypto bills by India weighed on the crypto space.
Stay tuned for the latest updates on the crypto market.
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