It’s been a mixed start to the week for Tron. Following last week’s 22.97% rally, the bears took a bite out of the bulls on Monday. A broad-based crypto sell-off weighed on Tron, which slid by 7.21% before finding support on Tuesday to buck the broader market trend with a 1.06% rise.
A Monday low $0.025446 for the current week saw Tron hold above the week’s first major support level at $0.02490 before recovering to $0.028 levels. A start of a week high $0.02940 saw Tron come within range of $0.030 levels, whilst falling well short of the 23.6% FIB Retracement Level of $0.0322 and the week’s first major resistance level at $0.0326.
For the current week, Tron was down by 5.74%, Monday through Tuesday, with the losses coming from the Monday sell-off.
In spite a bullish start to the year, Tron up by 44% for the current month, 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 up by 1.88% to $0.028185. Moves through the early morning saw Tron recover from a start of a day dip. Tron rose from a morning low $0.027183 to strike a morning high $0.028206 before easing back.
For the remainder of the week, holding onto $0.28 levels through the middle part of the week would support another run at $0.030 levels. We would expect Tron to face plenty of resistance on a run at $0.0290 levels. A breakthrough the start of the week high $0.0294 would be needed to drive momentum going into the weekend.
Barring a broad-based crypto rally, we would expect Tron to be pinned back by the 23.6% FIB and first major resistance level at $0.0326 in the event of a crypto rebound.
Failing to hold onto $0.028 levels could see Tron pullback ahead of the weekend. A fall through to $0.026 levels will likely bring the week’s low $0.02545 and the first major support level at $0.0249 into play before any recovery.
Barring a meltdown, we would expect Tron to steer clear of the week’s second major support level at $0.0205. Tuesday’s trend-bucking move should give Tron some downside protection in the event of bearish moves elsewhere in the cryptomarket.
After Monday’s sell-off, it’s ultimately going to boil down to holding above key levels. Investors will likely jump ship and lock in solid gains since November’s swing lo, in the event that there’s a hint of another sell-off.
Major Support Level: $0.03260
Major Resistance Level: $0.02490
Fib 23.6% Retracement Level: $0.0322
Fib 38% Retracement Level: $0.0452
Fib 62% Retracement Level: $0.0663