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.

Rajan Dhall, MSTA FX Daily

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.

Ripple slumps toward $1.00 despite network growth and ETF demand

Ripple (XRP) is holding above the key $1.00 psychological support level at the time of writing on Tuesday, even as the market endures a protracted downturn that began in mid-June.

Crypto Today: Bitcoin, Ethereum, XRP correction deepens as capitulation persists

The cryptocurrency market continues to face downward momentum on Tuesday, with Bitcoin (BTC) sliding below $60,000, Ethereum (ETH) breaching the $1,600 mark, and Ripple (XRP) retreating toward its critical $1.00 psychological threshold.

Why a hawkish Bank of Japan could trigger the next Bitcoin sell-off

The Japanese Yen (JPY) recorded its lowest level in four decades, at 162.00 against the US Dollar (USD) on Tuesday, raising concerns that the Bank of Japan (BoJ) could intervene to protect the Yen.

Bitcoin struggles near $59,500 amid persistent ETF outflows, US-Iran Doha talks in doubt

Bitcoin struggles around $59,500 on Tuesday after a massive two-week correction. Investors remain cautious as the US and Iran offer different signals over whether their delegations will hold direct peace talks in Qatar.

Bitcoin: BTC hits 20-month low, will the pain continue?

Bitcoin has remained under pressure this past week, losing over 5% as traders assess mixed signals from different parties involved in the Middle East conflict.