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TRON traders facing obstacles at $0.07161 can look to book gains here
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion
Tron [TRX] hiked by 43% in the past few weeks. It rose from $0.05000 but has consistently faced price rejections at the $0.07161 level.
It is worth noting that the resistance has been hit thrice. But BTC was struggling to reclaim the $25K zone, which could make the $0.07161 obstacle persist.
Read Tron’s [TRX] Price Prediction 2023-24
Source: TRX/USDT on TradingView
TRX’s uptrend in January has continued in February, as shown by the ascending channel. So far, the three times TRX has faced price rejection at the $0.07161 level, a correction followed. The trend could repeat if BTC fails to reclaim the $25K, setting bears to devalue TRX.
Sellers could benefit from short-selling opportunities at $0.06843 or $0.06682 if BTC fails to close above $25K and TRX’s obstacle persists. But the drop could be checked by the channel’s mid-point (brown, dashed).
Is your portfolio green? Check out the TRX Profit Calculator
But a break above $0.07161 would give bulls more leverage to seek extra gains at $0.07356 or $0.07498. But the upswing will invalidate the above bearish bias. The upswing could be accelerated if BTC reclaims the $25K level.
The Relative Strength Index’s (RSI) value was 65, a bullish structure, but the CMF (Chaikin Money Flow) moved southwards, showing the market was increasingly becoming skewed towards the bears. Thus, bulls should be cautious of the $0.07161 level.
Source: Santiment
According to Santiment, TRX’s sentiment surpassed its January level, only to fall sharply afterward. It underlines investors’ fears after TRX’s sharp drop on Friday (17 February).
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