TRX/USD technical analysis: Price hits an important resistance zone and pulls back
- TRON meets some resistance as general crypto sentiment falters.
- The price was pushed back after hitting 0.022716 which had been used a few times in the past.
TRON has been on a decent run of late rallying over 40% from the recent consolidation low.
The market was wondering if the psychological 0.025000 zone would be tested at some point.
The On Balance Volume indicator has been showing that buyers are coming back in as it ticked up from the lows.
If the price it to move back up after this blip the 0.018603 support zone may come into focus.
The other key factor on the chart that is supporting the rally is the volume backing the move.
The next move will be to watch how the price reacts at the support levels. It feels like we are in a defining phase for the TRX/USD bulls.
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.
