Tron’s TRX — Daily Analysis — December 28th, 2020
Tron’s TRX rallied by 4.93% on Sunday. Reversing a 2.22% fall from Saturday, Tron’s TRX ended the week down by 7.46% to $0.02889
Tracking the broader market, Tron’s TRX slid to a late morning intraday low $0.025977 before making a move.
Tron’s TRX fell through the first major support level at $0.02694 and the second major support level at $0.02610.
Steering clear of sub-$0.025 levels, Tron’s TRX rallied to a late afternoon intraday high $0.031238.
Tron’s TRX broke through the first major resistance level at $0.02868 and the second major resistance level at $0.02958.
More significantly, Tron’s TRX also broke through the 23.6% FIB of $0.0291.
Coming up against the third major resistance level at $0.03132, however, Tron’s TRX fell back to end the day at sub-$0.029 levels.
The pullback saw Tron’s TRX fall back through the second major resistance level at $0.02958 and the 23.6% FIB.
At the time of writing, Tron’s TRX was down by 0.028551. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.029023 before falling to a low $0.028505.
Tron’s TRX left the major support and resistance levels untested early on. The 23.6% FIB of $0.0291 pinned Tron’s TRX back early on.
For the Day Ahead
Tron’s TRX would need to move back through the $0.02870 pivot and the 23.6% FIB of $0.0291 to support a run at the first major resistance level at $0.03143.
Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.031 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of an extended rally, Tron’s TRX could resistance at $0.034 before any pullback. The second major resistance level sits at $0.03396.
Failure to move back through the $0.02870 pivot would bring the first major support level at $0.02617 into play.
Barring another extended sell-off on the day, Tron’s TRX should steer clear of the second major support level at $0.02344.
Source: fxempire.com
