Market Analysis

TRON PRICE ANALYSIS & PREDICTION (October 8) – TRX Retraces Sharply As Buying Near An Exhaustion Point, More Buy Ahead?

Tron’s bullish trajectory remains intact from a mid-term perspective. But currently, the momentum is temporarily stalled due to a slight retracement this week. It has found support nearby and now looks prime to resume buying.

Following August’s bounce from $0.072, which is around the lower boundary of a channel, TRX resumed mid-term bullish and flipped through a key resistance level ($0.080) to reach a high of $0.090 this week. 

It encountered resistance at that high and dropped to a weekly low of $0.085. The market recovered from there and pushed to the current trading level of $0.088. While the price looks a bit calm at the moment, the buyers are trying to regroup back to sustain momentum.

Even though they managed to advance the rally, it is essential to note that the buying pressure is almost reaching an exhaustion point on the ascending channel. As shown on the daily chart, TRX is trading near the upper boundary of this channel.

As soon as the price tests this mentioned boundary, we can expect a broader correction to the lower boundary of the channel before resuming mid-term bullish. 

Currently, there are no signs of bears in the market. TRX’s price must fall below the ascending channel before we can start to consider a bearish move. For now, the trend is in favour of the bulls.

Tron’s Key Level to Watch

Source: TradingView

As TRX faces a minor resistance at $0.0884, a recovery to $0.09 could propel mid-term buying to $0.0922 and $0.095, located at the channel’s upper boundary. The price could also reach the crucial $0.1 level if volatility expands.

 Aside from the $0.0857 level, which was tested as this week’s low, the subsequent lows to consider for broader correction are $0.083 and $0.080 before bouncing back strong.

Key Resistance Levels: $0.0922, $0.095, $0.1

Key Support Levels: $0.0857, $0.083, $0.080

  • Spot Price: $0.088
  • Trend: Bullish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: moxumbic/123RF // Image Effects by Colorcinch


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