TRON's Volatile Ride: Can $0.2490 Hold as Resistance?

TRON's price has experienced a significant drop from $0.2490 to $0.2170, raising questions about the potential bottom of the downtrend. The cryptocurrency market remains highly volatile, with traders closely monitoring TRON's price movements to identify potential breakouts. Last week, TRON's price saw a major shift, initially crashing before surging rapidly due to an upside breakout. The question now is whether the recent breakout will continue upwards or if selling pressure will cause prices to fall.

Analyzing TRON's recent price action, we observe that at 22:30 UTC on February 24, the price broke out from an expanding triangle and formed a spike. The overbought condition at 07:00 UTC on February 23 had already indicated an overstressed market. At 02:00 UTC on February 25, the overall market condition, as indicated by the RSI, suggested a reversal of the breakout or at least a pullback. The price retested the breakout of the expanding triangle at 03:30 UTC on February 25 and formed another spike, which ended at 09:30 UTC on the same day. From there, the price formed a channel with a low of $0.2170 at 04:30 UTC on February 28.

The golden crossover of MACD at 12:00 UTC on February 25 helped push the price up and contributed to the formation of the channel after the spike phase. On February 28 at 01:30 UTC, RSI showed an oversold market condition, while MACD displayed a death cross, which contradicted each other. However, at 09:00 UTC on the same day, a golden crossover appeared in MACD, and the oversold condition of RSI collaborated to support the price moving in an upward direction. The price broke out of the channel it had created at 15:00 UTC on February 28 and is currently traveling in a spike, which may form a channel or reverse.

If a channel is formed and the breakout is successful, the first target should be $0.2490. However, if the breakout fails, the first target should be the low, which is $0.2170. Trad