It’s been a mixed start to the week for Tron (“TRX”), with a bullish start to the week seeing Tron rally to an early intraday week high $0.027 on Tuesday, Tron falling short of the week’s first major resistance level at $0.0312, before hitting reverse.
A current week gain of 15%, Monday through Tuesday, came on Monday, with Tron rallying by 21.36% to reverse last week’s 8.63% slide, before falling by 5.25% on Tuesday to pullback to $0.24 levels.
Moves through the early part of the week have seen Tron manage to steer clear of the week’s first major support level at $0.0165, while also coming up well short of last week’s high $0.03585.
In spite of Monday’s rally, it’s been a bearish of late, with Tron seeing red on 5 of the last 6 days to cut the 2019 gain to 87%, still a whopping number when compared with the broader market.
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 short of the 23.6% FIB Retracement Level of $0.0322.
At the time of writing, Tron was down 0.25% to $0.024687, with moves through the early hours of Wednesday morning seeing Tron fall from a morning high $0.024803 to a low $0.024320 before steadying.
For the remainder of the week, a move back through to $0.026 levels would support a break through the current week’s high $0.027 to bring $0.03 levels and the first major resistance level at $0.0312 into play before any pullback.
Following last week’s high $0.035846, Tron will likely fall short of $0.04 levels and the second major resistance level at $0.0408, barring a major crypto rally. A move through to $0.03 levels and the 23.6% FIB Retracement Level of $0.0322 needed ahead of the weekend to raise the possibility of $0.04 levels by the end of the week.
Failure to move back through to $0.026 levels ahead of the weekend could see Tron hit reverse going into the weekend, a pullback through the current week low $0.0213 likely to bring sub-$0.02 levels into play before any recovery.
While the extended bearish trend remains intact, we would expect Tron to steer clear of the week’s first major support level at $0.0165 through the remainder of the week, barring another crypto meltdown.
For the crypto bulls, last week’s reversal brought to an end any near-term chance of a bearish trend reversal, with Tron needing a breakout from the 23.6% FIB Retracement Level of $0.0322 to $0.040 levels to begin forming a near-term bullish trend.
Major Support Level: $0.0165
Major Resistance Level: $0.0312
Fib 23.6% Retracement Level: $0.0322
Fib 38% Retracement Level: $0.0452
Fib 62% Retracement Level: $0.0663