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Tron Price Lost the Momentum; Is It Time for Correction in TRX?

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Tron Price Lost the Momentum; Is It Time for Correction in TRX?
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Tron price prediction suggests TRX may spend time in a consolidation range before deciding the next direction. It loses the positive momentum and seems to be getting stuck into the wide range. 

In the last two months, buyers tried thrice to break the higher range and expand upward. Yet, the price got rejected and it shows that strong sellers are active who are ready to sell TRX from $0.11000 levels. 

Bears found that this crypto is overvalued. So, they chose to sell in the supply zone to show their presence. However, on the lower side, the 50-day EMA is acting as a savior for the bulls. 

The trend of Tron is still upward till the price sustains above both the EMAs. Sellers also tried to pull the price downward below the $0.09500 level. Yet, the bulls anyhow managed to defend the boundaries of the demand zone and showed a bounce. 

The price action of Tron says that sellers look more active as compared to buyers. So, the lower range support is at risk. Currently, the TRX price is trading at $0.10463 with a one-day downtick of -1.16%.

Will Tron Price Show Range Expansion or Revert Downward?

Tron Price Lost the Momentum; Is It Time for Correction in TRX?
Source: TRX/USDT daily chart by Tradingview

Tron price performed well in 2023 and generated more than expected returns for its investors. However, for the last two months, the momentum has halted and showing initial signs of correction. 

If the TRX crypto price slips below the $0.09500 level, the sellers might take control and trigger the downfall. On the other hand, if the buyers succeed in defending the support, the price might again show a bounce. 

The analysis suggests that no sign of range expansion is visible so it’s better to avoid fresh longs. 

When the Directional Move Might be Visible in TRX? 

TRX price is turning mild bearish on a daily and weekly chart. The next directional move will be visible when buyers or sellers break either side of the range. 

The existing investors should look to cash out a small portion of their investment. Thus, if the correction triggers then a major part of investors’ profits may be sustained. On the other hand, if everything goes well and the price breaks out of the higher range, new swings may be visible. 

Conclusion

Tron price prediction suggests range-bound trading sessions are expected in the coming months. If the TRX price drops below $0.09500, the correction might trigger and the trend will reverse downward.  

Technical levels
  • Resistance levels: $0.11318 and $0.12000
  • Support levels: $0.09425 and $0.08948
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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