TRON's Price Surge: End of Downtrend or Correction Ahead?
1min read TRON's price surged from $0.2320 to $0.2475, raising questions about the end of its downtrend. Let's analyze the key support and resistance levels and upcoming market scenarios for tron (TRX).
On March 2nd, TRON formed a resistance level at $0.2345 and a support level at $0.2325. The price action revealed a converging triangle at 04:00 UTC, which failed to push the price lower and instead broke out to the upside, causing the price to rise to the resistance level. This rise formed a wide channel, which broke out to the downside at 07:15 UTC. The price then formed another channel, pushing it toward the lower end of the support, but it was unable to break the support level and broke out to the upside at 09:20 UTC.
The price formed a spike and a narrow channel, pushing it to the resistance level, which was eventually broken at 13:25 UTC. However, the price failed to form a spike and instead formed a range above the resistance level. This range broke out to the upside at 15:25 UTC, confirmed by the MACD golden crossover at the same time. The price formed a spike and channel pattern, and RSI moved to the overbought area at 15:30 UTC. At 17:30 UTC, MACD showed a death cross, suggesting a reversal or at least a correction in price. The price marked the top for the day at $0.2475.
On March 3rd, the price continued moving within the range formed the previous day. It broke out from the range at 02:05 UTC to the downside. If this breakout succeeds, the price may drop to $0.2390, as this was the level where the initial spike and channel pattern formed after breaking the resistance level. If this level does not hold, the price may drop further to the resistance level of $0.2345, which now acts as a support level. If the downside breakout fails, then the price may rise and break yesterday's high of $0.2475.
The recent price explosion in TRON has left investors and traders feeling they missed an opportunity. 