Tron (TRX) Price Analysis – March 26
Recording a high of $0.0358 in early January, Tron market has remained substantially low as a result of low trading volume which is now estimated at $251.7 million. However, TRXUSD seems to be gaining recovery for the last two weeks, while TRXBTC is about to reverse the trend. In the last 24-hours, Tron holds a market cap valuation of $1.5 billion, losing 2.24%.
Resistance levels: $0.0246, $0.026, $0.028
Support levels: $0.0215, $0.019, $0.018
For the past two weeks, TRXUSD has been maintaining a rising wedge pattern after a touch at $0.0245 high which was followed by a retrace to the base of the trend line. As appeared on the current 4-hours RSI, the token is trading near the oversold line.
Tron market is now stabilizing at around $0.0227 price level in the last 4-hours of trading; sitting on the lower trend line. A breach on the lower channel could send price to early March support at $0.0215 and beyond. Looking at the 4-hours Stochastic RSI, a potential buy is suggested. The major resistance level to watch out for is $0.0246. Above the wedge lies a $0.026 and $0.028 resistance levels. However, this pair still ranges within the rising wedge.
Tron has been on a medium-term decline after a slight retracement to the peak of 620 SAT in early March before resuming back the slope trend to the near of 550 SAT low; respecting the yellow trend line as the 4-hours RSI significantly trends below the 58 level.
Two days ago, TRXBTC saw a surge to 610 SAT creating a resistance above the trend line before retesting the break-out level at 560 SAT support level. At this level, a possible rebound is more likely to rise price to the previous resistance level at 610 SAT. Surpassing the resistance level could trigger a bull run.
Breaking down 560 SAT level, however, could slump TRX to a more bearish condition bottoming at 520 SAT support area. The current 4-hours Stochastic RSI suggests pressure at the lowest level as buying pressure compounds; signaling a bullish move.
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