Alrighty, it's finally time for a Tron (TRX) update. Things have been quiet on that front for a while (which is what happens during hype cycles). TRX is still one of the better performing altcoins during the bear market, no doubt about it. If you recall, I did indeed call the potential breakout WELL IN ADVANCE, as well as the likely top of the last cycle. No need to go into specifics there. My previous analyses on this pairing are linked at bottom.
As of right now, we've found solid horizontal support in the first area I was looking at for a bounce. We did get rejected off this zone, but there hasn't been much follow through yet. If TRX can get some good news and get BACK above its recently broken blue uptrend, then the correction likely has ended.
HOWEVER, during Tron's previous correction, RSI stagnated for quite a while in this current range. Additionally, the ultimate oscillator has not touched bottom again. This leads me to believe that if we can't get back above our uptrend soon, TRX will have to correct further to the next diagonal support (also in blue). This would put us between the 430 and 450 level. 430 was the MAJOR resistance we broke that allowed us to go on our run, so that should act as very strong support now.
In summary: A sustained break below 550 would mean a deeper retrace towards 450, while a sustained bounce at current levels back above our uptrend would indicate that we can try to test the 700-800 level again.
This is not financial advice. I do this for a hobby and educational purposes only.
-Victor Cobra
As of right now, we've found solid horizontal support in the first area I was looking at for a bounce. We did get rejected off this zone, but there hasn't been much follow through yet. If TRX can get some good news and get BACK above its recently broken blue uptrend, then the correction likely has ended.
HOWEVER, during Tron's previous correction, RSI stagnated for quite a while in this current range. Additionally, the ultimate oscillator has not touched bottom again. This leads me to believe that if we can't get back above our uptrend soon, TRX will have to correct further to the next diagonal support (also in blue). This would put us between the 430 and 450 level. 430 was the MAJOR resistance we broke that allowed us to go on our run, so that should act as very strong support now.
In summary: A sustained break below 550 would mean a deeper retrace towards 450, while a sustained bounce at current levels back above our uptrend would indicate that we can try to test the 700-800 level again.
This is not financial advice. I do this for a hobby and educational purposes only.
-Victor Cobra
