Despite Strong Demand Exhibited by TRON, Investors Must Remain Cautious

Cryptocurrency News

In the past few days, TRON has found itself experiencing a bullish trend. The bullish performance has helped it earn some spotlight among the rest of the major cryptocurrencies. During the particular period, the trading price of TRON oscillated around $0.07. This is where TRON witnessed significant demand from the investors.

As TRON continued gaining upward momentum, a reversal pattern kept forming around it. It suggested that despite the upward movement of TRON, it had the tendency of experiencing a pullback at any hour.

15% Gains Recorded for TRON

The gains TRON recorded on the protocol in the past 5-days summed up to 15%. Even when major cryptocurrencies such as BTC and ETH are hovering between low price ranges, TRON (TRX) has been delivering high performance.

Despite a few dips, the overall performance of TRON in a 5-day period has been remarkably bullish. Before TRX hit the $0.07 mark, it was exhibiting a low trading price of $0.068. However, as TRX hit the $0.07 price benchmark, it has continued revolving around the same checkpoint.

TRON’s Possible Climb

After making a stop and finding ample support from the bulls, TRON has continued with its climb. Now, the pattern TRON is witnessing is the ascending wedge pattern. It shows that TRON may continue ascending into the resistance levels.

At the time of writing, TRON is exhibiting a trading price of $0.082 and this is one of the most difficult hurdles for the bulls to achieve. There are possibilities that from this checkpoint, the bears may increase their selling power.

The intensified selling for may result in TRON losing its ground, bringing it down to $0.076 or $0.0775. A look at the trading volume activity for TRON shows that the bulls have been in real action. They have been increasing the trading volume for TRON to push its price higher. They want TRON to leave the $0.082 mark and move up to higher tiers.

It seems that the bears are not ready to let the bulls take control of the trend. Therefore, they are exerting a lot of pressure from their end at a particular point.

Possible Dip in TRON’s Price

If the bulls’ attempts go in vain, then the bears will find the opportunity to launch their counter. In this particular scenario, TRON may fall lower to $0.0775. This is where TRON may settle for a while and allow the buyers to launch their attack.

If the bears prevail, they may try and drag TRON lower to $0.0735 and shift the trend into a stronger negative movement. In case the support level of the bulls is not able to mark its presence, then TRON may dip to $0.0715.

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