TRON – ALTCOIN CHART ANALYSIS

Tron (TRX) is currently in a sideways phase. After we broke the uptrend relatively quickly, which was also due to the problems with the stablecoin, we were now able to stabilize again in the region around USD 0.06.

We are currently trading at around USD 0.06 above the weekly support P. The trading volume has decreased significantly in the last few days after dumping below USD 0.05 in the meantime.

At the top we have initial resistance at around USD 0.07. There lies the 200 SMA (last 200 moving averages/purple) on the 4H chart. Furthermore, here lies our last high as additional resistance.

On the daily chart we can see the dump from 06/15/2022 very well. Interestingly, we stopped right at the 2021 low and got bought back up from here.

There was also another strong support zone from the beginning of 2021. Here we had a somewhat longer consolidation phase, in which we had problems first breaking through it and then confirming it as support.

Thus, TRX may have seen a bottom for now. However, the wick has emerged with a lot of volume and the stablecoin continues to be under pressure, which is why we must expect a renewed test in this region.

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