The price of TRON (TRX) reverted from the $0.075 resistance, triggering a new bear cycle within an inverted flag pattern. If buyers fail to break through the dynamic support trendline, this continuation pattern could extend the current downtrend.
The TRON (TRX) price increased significantly last week, pushing the altcoin to $0.075 per coin. This bull cycle has been accelerated by founder Justin Sun’s recent announcement of plans to launch a decentralized algorithmic stablecoin-USDD. The coin price accounted for a 25% ROI from the $0.06 support in just four days.
The bulls, on the other hand, were exhausted by the sudden rally signaled by a higher price rejection candle. The TRX price fell 16 percent after turning down from the overhead resistance due to the influence of the inverted flag pattern.
The bears smash through the critical EMAs (20, 50, and 100) and charge straight to the bottom support trendline. The bearish inverted pattern, on the other hand, would support the continuation of the current downtrend and drive the TRX price down to $0.05.
However, if bullish momentum resumes at the dynamic support trendline, the altcoin will rebound from the support trendline.
TRX buyers did not act on the bullish crossover of the 20-and-50-day EMAs. As a result, sellers took advantage of the situation and reestablished negative alignment in these EMAs.
The RSI slope has dropped below the equilibrium and 14-SMA lines, indicating that traders are feeling pessimistic.
$0.062 and $0.071 are the resistance levels.
$0.058 and $0.0511 are the levels of support.
02 Feb 2023
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