Tron (TRX) Trades Cautious After Past Week’s Strong Performance
Tron (TRX) is trading slightly bullish after experiencing somewhat choppy trading earlier today, following significant volatility through the past week which saw its prices strengthen by over 25%. The weekend, however, saw its price decline by over 3%, but it registered some gains since early trading on Monday.
At the time of writing, TRX/USD is trading at around $0.133, sitting right above a key resistance level, indicating a sense of cautious optimism among its traders. As long as Tron’s price holds above the $0.13 level, there is hope for the bullish momentum to strengthen in the near future, as it did back in February, and increase buying interest to attempt a break above the immediate resistance.
However, even if buying pressure builds up enough to give this level a test, a failure to break past it could send prices crashing below $0.13 and towards the support which currently holds at around $0.124. So long as investors don’t resort to panic selling, we could see Tron’s price trade between $0.12 and $0.13 for some time until investor confidence rises and an attempt to challenge the resistance reoccurs.
Although, in case of a sharp sell-off driven either by high volatility in the overall crypto market or failure to gather enough buying interest for TRX, we could very well see Tron fall below the $0.12 level in the near-term. Technical indicators MACD and RSI are also indicating weak interest in this digital asset among investors, offering a neutral to bearish bias in the price action for now.
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