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Dalmas Ngetich
May 12, 2022
by Dalmas Ngetich

Tron soaks Selling Pressure, will TRX Find support at $0.07?

Tron

Table of contents

  1. Past Performance of Tron
    1. Tron Technical Analysis
    2. What to Expect from TRX?
Tron is relatively firm versus other coins and USDT. As long as TRX steadies above $0.07, prices could recover in a bullish continuation pattern.

Past Performance of Tron

In a sea of red, Tron prices have been stable in the past trading week. It is at breakeven against the USDT but down five percent in the last 24 hours. Overall, TRX sellers are dominant and in the driving seat in the immediate term. However, from a top-down analysis, Tron prices are still within a bullish breakout formation.

Tron Technical Analysis

Tron TRX Daily Chart for May 11

A Doji bar in the daily chart points to a battle between optimistic bulls and domineering bears. Week-to-date, bulls have been successful, unwinding losses. Despite losses in the last 24 hours, buyers stand a chance. Notably, TRXUSDT is within a bullish breakout, presently trading above $0.07. As we advance, traders may take a wait-and-see approach. A close above $0.09, unwinding losses of May 9, confirms buyers of April 21 and May 1. In that case, TRX could float to $0.13. If not, losses below $0.07 could confirm the bears of May 9, triggering more sell-off to $0.06 and even $0.05.

What to Expect from TRX?

Tron is within a bear continuation pattern. However, bulls have been steady, soaking selling pressure of early this week. TRX buyers stand a chance above $0.07.

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Tron soaks Selling Pressure, will TRX Find support at $0.07?
Dalmas Ngetich
Dalmas has been passionate about the blockchain and crypto space ever since he’s heard about it. As someone who’s been closely following the trends in the crypto space, Dalmas is excited about what lies ahead in this niche and is all set to explore it. While he’s been advocating crypto adoption for a number of years, he’s himself a HODLer, which makes his voice authoritative and credible.

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