TRON Price Analysis: Crucial Support Level to Watch
TRON Price Analysis: Holding Steady Amidst Market Volatility
Despite recent market turmoil fueled by geopolitical tensions and inflation fears, TRON (TRX) has shown relative resilience. While Bitcoin (BTC) dropped 3.68% in the last 24 hours, TRON experienced a smaller decrease of 2.87%. Ethereum (ETH) and Solana (SOL) fared worse, falling 9.22% and 7.5% respectively. This suggests a lower correlation between TRON's price and the broader market, indicated by a correlation coefficient of just +0.32 with BTC.
This relative stability is depicted in the following chart showing TRX correlations from IntoTheBlock:
Source: IntoTheBlock
Technical Analysis: Range-Bound TRON
The daily chart reveals a range-bound pattern for TRON, consolidating between $0.263 and $0.294 over the past six weeks. The recent price movement indicates a possible retest of the lower range boundary.
Source: TRX/USDT on TradingView
Key levels to watch:
- Support: $0.261 (potential reversal point), $0.24 (significant liquidation cluster)
- Resistance: $0.279 (recent rejection point), $0.294 (upper range boundary)
The On-Balance Volume (OBV) shows a balance between buyers and sellers, while the Relative Strength Index (RSI) dipping below 50 suggests weakening bullish momentum. The following liquidation heatmap from Coinglass highlights the range-bound nature of the TRON price:
Source: Coinglass
Is a Bullish Reversal Possible?
A drop below $0.261 could lead to a further decline towards $0.24. However, the lower range boundary could also serve as a potential support level for a bullish reversal. Traders should exercise caution due to market volatility.
Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct thorough research before making investment decisions.
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