It’s been a particularly bullish start to the week for Tron, with moves through the early part of the week seeing Tron rally from a start of a week low $0.023601 to an early week high $0.027225 on Tuesday before easing back.
The bullish start to the week saw Tron break through the week’s first major resistance level at $0.0267 to hit $0.027 levels for the first time since 15th January before easing back to $0.026 levels.
For the current week, Tron is up 11.8% Monday through Tuesday, the lion’s share of the gains having come from a 7.9% rally on Monday, bucking the trend across the broader market on the day.
Tron has steered clear of the week’s first major support level at $0.0211, in spite of a late Tuesday morning sell-off seen across the broader market, which led to a day low $0.025103 on Tuesday.
In spite the bullish start to the week, 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 0.71% to $0.02655. Moves through the early hours of Wednesday saw Tron recover from a morning low $0.02623 to hit a morning high $0.02667 before easing back, the week’s first major resistance level at $0.0268 pinning Tron back in the early hours.
For the remainder of the week, a break back through the first major resistance level at $0.0268 to Tuesday’s high $0.027225 would bring $0.028 levels into play later in the week before any pullback. We would expect resistance at $0.028 to pin Tron back from a run at $0.029 levels and the week’s second major resistance level at $0.0297.
Failing to break back through the week’s first major resistance level at $0.0268 could see Tron hit reverse later in the week, with a pullback through $0.024 levels likely to see Tron slide through the start of the week low $0.023601 before any recovery.
While the extended bearish trend continues to remain intact, with Tron unable to break back through the 23.6% FIB Retracement Level of $0.322, we would expect Tron to steer clear of the week’s first major support level at $0.0211.
This week’s gains come off the back of a 10.7% rebound last week, following a reversal the previous week and, while we can expect some profit taking to pin Tron back mid-week, only a broad based crypto sell-off could reverse the early part of the week’s gains.
Major Support Level: $0.0211
Major Resistance Level: $0.0268
Fib 23.6% Retracement Level: $0.0322
Fib 38% Retracement Level: $0.0452
Fib 62% Retracement Level: $0.0663