- TRON price has rallied by 20% after losing 30% of market value in November.
- TRX has hurdled significant resistance levels but is near an ideal profit-taking Fibonacci retracement level.
- A breach above $0.057 could induce a rally toward the November high at $0.065.
TRON price (TRX) has retaliated considerably against the bearish onslaught in November. Despite the optimistic gesture, TRX price still faces significant barriers of resistance. Traders should consider trading more conservatively near the current price levels.
TRON price stair-steps north
TRON price has shown applaudable market strength compared to most altcoins. Since the newfound yearly low at $0.045 was established on November 14, the bulls have progressively produced higher lows and higher highs. Currently, the TRX price is up 20% post-decline.
TRX price currently trades at $0.054. The bulls have hurdled an 8-day exponential moving average and a 21-day simple moving average (SMA) during the recent ascension. A Fibonacci retracement tool surrounding November's downtrend shows the current price at the 50% Fib level. The 50% and 61.8% Fib levels are usually where knife-catching bulls aim to release and offload their positions. Given the context, TRX could have difficulty maintaining the bullish momentum during the current rally.
Early signs of an uptrend failure would be a breach below the 21-day SMA at $0.052. The inability to sustain support from the indicator could lead to a 17% liquidation event targeting the newfound monthly low at $0.045.
TRX/USDT 1-week chart
This thesis suggests TRX will likely find significant pushback from the current price levels, with a cap on the uptrend rallying 5% above the current market value at $0.057. If the bulls can flip the aforementioned level into support, they could be able to challenge the November highs at $0.065. Such a move would result in a 20% increase from the current TRON price.
Here's how Bitcoin price moves could affect TRON price
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC Chair Gensler hints at resignation amid lawsuit from 18 states accusing the regulator of unlawful overreach
In a filing on Thursday, 18 states, along with the DeFi Education Fund, issued a lawsuit against the Securities and Exchange Commission, alleging that the regulator's crackdown on the crypto industry has been unlawful and unconstitutional.
Bitcoin Price Forecast: BTC eyes $100K, what are the key factors to watch out for?
Bitcoin trades below $90K in the Asian session on Friday as investors realized nearly $8 billion in profits in the past two days. Despite the profit-taking, Bitwise CIO Matt Hougan suggested that BTC could be ready for the $100K level, fueled by increased stablecoin supply and potential government investment.
Ethereum Price Forecast: ETH could rally to $4,522 despite mixed on-chain flows among investors
Ethereum is down over 1% on Thursday following record net inflows across ETH exchange-traded funds in the past six days. Despite the bullish market outlook, $300 million worth of unstaked ETH could hit the market and cause downward pressure on prices.
Crypto Today: Bhutan sells $33M BTC, McDonald’s launches NFTs, PEPE, SUI emerge top gainers
The aggregate cryptocurrency market capitalization shrank by 1.45% on November 14, reflecting a $42.6 billion dip. In the last 24 hours, 170,878 traders were liquidated to the tune of $485.13 million, per Coinglass data.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.