A new break for Tron on the charts will take it...
Bullish momentum curtailed at $0.0857-resistanceTron’s strong bullish momentum since 26 April saw it smash year-long resistance levels at $0.0711 and $0.0787. However, the $0.0857-resistance level proved one step too high for bulls. The price rejection at the resistance level ushered in a wave of selling pressure.
Bears immediately reclaimed the $0.0787-resistance level on 5 June. A retest of the reclaimed resistance level produced more downside for Tron with two large bearish candles on the 12-hour timeframe breaking the bullish support confluence at the $0.0711-price zone. However, bulls were able to find support at the $0.0672-support level with the price at $0.0697, as of press time.
Based on Tron’s recent price action, sellers could look to extend their gains with a retest of the $0.0711-level. More dips for TRX will flip its market structure bearish in the long term with bears targeting $0.0672 and $0.0627 as support levels. On the flip side, bulls could rebound from the support level and push to quickly reclaim the $0.0711 and $0.0787-levels. This could see the price consolidate in a range before another significant price movement.
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