Over the past six weeks, Tron’s [TRX] The fluctuation range is in the $0.66-0.07 area. The decline from the $0.07 cap confirmed a bullish continuation pattern on the 4-hour time frame.
The recent decline reinforces the recent bearish effort to pull TRX towards the 200 EMA support (green).
Furthermore, as immediate support in the $0.067 area has yet to be tested multiple times, the bulls may be targeting a breakout of the pattern in the coming sessions. A break above the 20 EMA could signal a sustained near-term recovery. At press time, TRX is trading at $0.06843.
TRX 4-hour chart
Source: TradingView, TRX/USDT
TRX recorded solid growth after bouncing off a baseline of $0.063. Recovery from long-term support requires a classic bullish pennant on the chart.
However, sellers revealed their near-term strengths, especially as price action dips near the 20/50 EMA. But with the 200 EMA aligning with support at $0.067, the altcoin has a better chance of driving a recovery.
Additional bullish impetus could help TRX break out of the current pattern. In this case, the $0.0709 mark could limit buying efforts. Traders/investors should look for rebound signals in this area.
If the EMAs show a death cross, the alt could see a short-term decline. Potential targets here are in the $0.065-$0.066 range.
Fundamental
Source: TradingView, TRX/USDT
The Relative Strength Index (RSI) struggled to cross its midline while showing a fairly neutral stance. Buyers will need to break above the 50-point resistance to increase the chances of a bullish breakout on the chart.
Also, despite the lower trough in price action, on-balance volume (OBV) is holding its immediate support. Hence, showing a slight bullish advantage.
Also, Accumulation/Distribution sees a higher trough as it diverges from a bullish price. Nonetheless, ADX shows a rather weak directional trend for TRX.
in conclusion
Given the bullish pennant structure close to the 200 EMA support, TRX could see a rebound before facing stiff resistance. The goal will be the same as above.
However, investors/traders should consider Bitcoin’s movements and its impact on broader market perceptions to make profitable moves. An analysis of this will help traders predict the likelihood of any bullish invalidation.
