TRX/USD technical analysis: As most of the major cryptos break lower TRON could be holing up
- As most crypto coins broke lower TRX/USD trade far from the main support.
- This could mean it has some upside potential in the future.
As most of the major cryptocurrencies broker lower in Wednesday's session, TRON managed to stay above its major low point of 0.011744.
The potential now is that the aforementioned low holds and the price continues to consolidate until the crypto space finds some relief.
If the past is anything to go by when one out of many cryptocurrencies holds up when a retracement phase kicks in it could shoot higher.
This is just an observation and not a golden rule but it did happen to Bitcoin Cash and Ethererum Classis on previous occasions.
The two of them managed to stay above lows when Bitcoin crashed and then when the retracement phase moved in they jumped. Both on separate occasions.
Now on the daily chart, the consolidation zones lie between 0.011744 and 0.018603. The latter also confluences with a 23.6 Fibonacci zone.
The RSI indicator is also tilted to the downside now but this is to be expected after such a heavy day of selling but it is far from oversold.
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
