A bullish start to the year has seen Tron (“TRX”) rally 39.3% through the first 8 days of 2019, Tron seeing its largest daily gain of the New Year on Tuesday 8th, jumping by 10.68% to keep pace with the other cryptomarket trailblazer Litecoin.
Following a 15.31% rally last week, Monday through Sunday, a bullish start to this week has seen Tron strike an early intraweek high $0.02749, breaking through the week’s first major resistance level at $0.0255 to come up against the second major resistance level at $0.0275 before easing back to $0.02676 by the day’s end on Tuesday.
With Tron having been in the green for 5 consecutive days going into this morning, a 3rd January fall the only day in the red in the New Year, moves through the middle part of the week will be key to Tron’s direction going into the weekend.
In spite the bullish start to the year, the extended bearish trend, formed at an end of April swing hi $0.1004, remained intact following a late November swing lo $0.0111, with Tron continuing to fall well short of the 23.6% FIB Retracement Level of $0.0322.
At the time of writing, Tron was down 1.18% to $0.02644, with Tron falling to an early morning low $0.02612 before recovering to a morning high $0.02695, Tron struggling to break back through to $0.027 levels early in the day.
For the remainder of the week, holding onto $0.026 levels through the middle part of the week would support another move through the current week’s high $0.02749 to bring the week’s second major resistance level at $0.0275 and $0.030 levels into play before any pullback.
While we would expect Tron to come up short of the 23.6% FIB Retracement Level of $0.322 and third major resistance level at $0.0326, a break through the second major resistance level at $0.0275 ahead of the weekend could see $0.030 levels in play, though support would be needed from the broader market for a breakout going into the weekend.
Failure to hold onto $0.026 levels through the middle part of the week could see Tron pullback through the week’s first major resistance level at $0.0255, with a fall through to $0.022 levels bringing the week’s first major support level at $0.0204 into play before any recovery.
For the crypto bulls, momentum at the start of the year would need to be sustained for Tron to begin eyeing a bearish trend reversal, with a break out from the 23.6% FIB Retracement Level of $0.0322 to $0.040 levels needed to form a near-term bullish trend.
Major Support Level: $0.0204
Major Resistance Level: $0.0255
Fib 23.6% Retracement Level: $0.0322
Fib 38% Retracement Level: $0.0452
Fib 62% Retracement Level: $0.0663