Tron (TRX) Price Analysis – June 12
In the last 24-hours, Tron market has seen a substantial recovery of 7% which has brought the price to around $0.0329. As the buyers step into the market, more climb is expected to surface in future trading. Before the market climbs, a slight pullback may likely occur before ridding fully to the potential resistance.
Resistance levels: $0.036, $0.04
Support levels: $0.03, $0.026
After declining from $0.04 at the upper wedge earlier this month, TRX created weekly support around the $0.029 at the lower wedge before the 24-hours price increase which has paced up the to $0.031 a few hours ago.
On a slow rise, the buyers are approaching close-by resistance at $0.036 and $0.04. If the market surpassed these prices levels, TRX may create a new high around the $0.0420. Now, the 4-hours RSI is crossing over to the positive area. For now, the bulls are catching up with the market.
Tron, however, has been reflected at the extremely overbought territory on the Stochastic RSI. A potential drop is around the corner, meeting supports at the 50 level. If the level fails to hold, the token may further fall to the oversold, testing the mentioned supports.
Tron’s medium-term correction seems exhausted after testing the lower channel. A few hours ago, TRX has shown some positive signs as the market may hit 425SAT, 460SAT, and 480SAT at the upper channel. Meanwhile, the ascending channel has been a support and resistance levels for the four weeks bullish market.
On the 4-hours Stochastics RSI, the market pressure has been reflected closely at the overbought area as it may fall to the closest key supports at 380SAT, below the channel. Further levels can be located at the 340SAT and 320SAT support, which might position the market in a bearish condition.
The 4-hours RSI is revealed in an upward momentum as it currently sits at the 50 level. If the market continues to trend upward, we may see the price at the mentioned resistance levels. However, the next few hours of trading will unfold the actual direction of the market. For now, a bullish move has been signaled for the market.
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