Tron Price Analysis: TRX/USD hangs at the edge of a cliff
|- Tron bullish momentum hit a wall short of $0.02, marking the end of the weekend rally.
- TRX/USD is likely to continue losing ground in the near term as seen with the retreating RSI.
Tron has been on an upward roll in tandem with the rest of the cryptocurrency market. The weekend session proved to be a success to investors across the multiple cryptocurrencies and especially for major digital assets such as Bitcoin (BTC) and Ethereum (ETH).
TRX/USD is currently trading at $0.0184 after its bullish momentum hit a wall at the 61.8% Fibonacci retracement level taken between the last drop from $0.0268 to a swing low at $0.0073. Besides, the Fibo resistance, Tron is also facing another key hurdle at the rising wedge pattern. If a breakout above this zone keeps delaying, there is a chance that TRX/USD will give in to the increased selling pressure and plunge massively.
For now, technical signals are mainly negative with the MACD diving from the overbought. The formation of a rising wedge pattern means that losses will be of a larger margin especially if the confluence support formed by the 50% Fibo and the 50-day SMA is broken. In the meantime, buyers must take advantage of the MACD’s position above the midline to establish credible support above $0.0180.
TRX/USD daily chart
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