Tron (TRX): Buying at $0.062 to Sell Around This Area Might Be Profitable
Tron (TRX) has defied broad market trends on some occasions within the previous four months. For instance, it gained 50% to $0.088 from $0.058 early in April when most alternative tokens resorted to downsides. Also, TRX has witnessed enormous volatility on its charts in recent weeks. Messari data shows Tron’s transaction volume stayed at $100 million within the previous week. These figures hovered well beyond $300 million in late May before gradual and steady declines.
Tron 1 Day Timeframe
January sessions had TRX inside a massive downtrend comprising multiple lower lows and lower highs. Meanwhile, bulls defended the support area at $0.058 in February-March. Furthermore, Tron buyers managed to force changes within the bearish markets.
The upside beyond $0.07 (in late March) witnessed the long-term trend shifting to bullish, and Tron recorded several higher lows afterward. Nevertheless, the buying wave wasn’t adequate to halt price cratering in June. Meanwhile, the drop beneath $0.07 shifted the long-term structure to bearish again.
Tron 4Hr Timeframe
Tron’s 4-hour chart revealed two crucial details. First and foremost, the alt saw faded trading volume in June and July. Secondly, the TRX price seemed to form a range of $0.062 – $0.07. Moreover, the FIB retracement zones showcased some price areas as substantial resistance and support. Considering the price trend, purchasing TRX at $0.062 and selling the alt at $0.07 might mean profitability in the coming week or two.
The RSI (Relative Strength Index) didn’t steady on the neutral50s either side, oscillating between 30 and 70 within the previous month. Yet, the alt had no notable trend during the phase. Thus, the RSI admitted the narrative of TRX’s range formation.
Also, the A/D remained flat within the last month. That highlighted a deadlock between sellers and buyers. The absence of dominance by either side shows a breakout wasn’t imminent for TRX. The CMF (Chaikin Money Flow) stayed neutral between -0.05 and +0.05 over the previous month, with infrequent forays beyond and beneath these areas.
Final Thought
TRON lacked a significant bias on its 4hr chart, whereas the daily timeframe confirmed $0.07 as a crucial zone. A ‘buy’ opportunity might appear after a $0.062 revisit. If TRX breaks and retests $0.07 as support, executing long positions would probably be profitable.
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