Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- The 4-hour and daily timeframes indicated different biases for TRON.
- Cautious traders can wait for 8 May’s price action to develop before making their move.
TRON performed well in May and the bulls were successful in forcing prices past a zone of resistance that opposed them from 10 April. TRX gained 6.5% in May, and it was possible that more gains could follow.
How much are 1, 10, or 100 TRX worth today?
There were two things that TRON bulls must watch out for. The first was a bearish Bitcoin [BTC] on the lower timeframes. The BTC rejection at $29.8k meant there was a chance that the king would see some more losses over the weekend. The second was the presence of a bearish order block at $0.07-$0.073.
Buyers break the mid-April slump to drive TRX upward again
A look at the 4-hour charts showed that the price action was strongly bullish behind TRON. The price recovered well from the setbacks it suffered in mid-April, when the bulls struggled to break the $0.067 resistance.
They achieved this on 1 May. Moreover, it occurred on strong buying volume, as the OBV saw an upward move past a trendline resistance. Yet, the daily timeframe showed that things weren’t smooth and bullish for TRX.
Despite the move above the lower timeframe resistance at $0.067, the $0.00705 area was a bearish order block on the daily timeframe. Therefore, a move to $0.072-$0.073 to boost liquidity before a reversal was a possibility. Hence, both bulls and bears must exercise caution.
The evidence at hand showed bullish momentum and buying pressure for TRX, but it was unclear if a breakout past t
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Author: Akashnath S
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