Tron Price Analysis: Despite The 10% Drop, Here’s Why TRX Prices Can Surge Above $0.10
Qadir AK4 Aug 20231 min read
Maintaining an upward trend from November 2022, Tron coin price maintains a year-to-date growth of 55%. Moreover, the upward journey creates a support trendline with the formation of higher lows.
Currently, the rising TRX prices face constant rejection above $0.080 due to excessive selling pressure.
The recent 22% jump in TRX prices led to a rising channel formation in the daily chart. It comes to a bearish end due to excessive selling pressure at $0.085. With the 10% drop within four days, the TRX prices are back at $076 coinciding with the 23.60% Fibonacci level.
Over the past 48 hours, the TRX prices are up by 2.02%, finding a cushion at the 23.60% Fibonacci level. However, the excessive selling pressure projects a high possibility of TRX price falling to the ascending trendline close to the 38.20% Fibonacci level at $0.071.
If the TRX buyers manage to hold off the selling spree at $0.076, a bullish reversal can challenge the $0.085 overhead ceiling. On an optimistic side note, the $0.085 breakout will unleash the trap momentum to reach the psychological mark of $0.10.
On the flip side, the $0.076 breakdown will challenge the bullish dominance of the support trendline near $0.071. In case of a bearish spree, the TRX prices can plunge to the 50% Fibonacci level at $0.067 or at $0.063 coinciding with the 61.80% Fibonacci level.
