2020-9-23 19:25 |
The TRON (TRX) price has lost 54% of its value since it reached a high on Sept. 3. However, the price is approaching an important support level which could initiate a bounce.
Return To SupportThe TRX price has been decreasing since it reached a high of $0.049 on Sept. 3. The decrease was initially very sharp, but the price has been falling at a gradual rate over the past two weeks.
TRX is approaching two important support levels, the minor $0.0225 area and the ascending support line that has been in place since March. A breakdown below these levels would likely confirm that the trend is bearish.
Technical indicators do not show any reversal signs, since all three of the MACD, Stochastic Oscillator and RSI are falling.
TRX Chart By TradingViewHowever, the shorter-term six-hour time-frame provides a slightly more bullish outlook. There is a bullish divergence developing in both the RSI and MACD, even though it is still unconfirmed.
However, if the price were to make another lower low inside the $0.0225 area while both the MACD and RSI make higher lows, it would indicate that a bounce is likely.
TRX Chart By TradingView Wave CountCryptocurrency trader @Crypto618 stated that the TRX price has likely reached a long-term top, and he is expecting an extended period of downward movement to transpire.
Source: TwitterWhile that is a possibility, since the wave count seems to be correct, Fib targets suggest that the price will make one more high.
The 1.61 internal retracement of wave A (in white below) suggests that the price will reach a high of $0.063, while the external retracement of wave B (1.27-1.61) gives a target between $0.058 and $0.074.
Since neither of these values have been reached, we would expect a higher high before an eventual correction.
TRX Chart By TradingViewA closer look at the movement since the Sept. 4 high reveals a possible A-B-C correction (in white below) which is nearing its completion.
A likely target for the bottom of wave C would be at $0.0221, fitting with the previously outlined support levels.
TRX Chart By TradingViewTo conclude, the TRX price is expected to bounce near the $0.0225 support area. However, the direction of the longer-term trend is not yet clear.
The post Tron Decreases By More Than 50% — Will It Rebound? appeared first on BeInCrypto.
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