DAILY NOTION: TRON in Consolidation Ahead of an Imminent Breakout to $0.04

27 Nov 2020, 11:56 · Views 201

TRON (TRX) tanked by 30% from the November peak on Thursday as a massive selloff swept across the cryptocurrency market.

The smart contract managed to embrace support at $0.0275 before a minor reflex recovery came into the picture.

For now, resistance at $0.03 seems to be delaying the expected recovery.

TRON begins a new consolidation phase.

Following the breakdown, TRX appears to have found some semblance of stability between the 100 Simple Moving Average's (SMA) immediate support on the daily chart and the hurdle at $0.03.

The Relative Strength Index (RSI) reinforces the probable sideways trading amid the leveling above the midline.

A break above the seller congestion zone at $0.03 might call for more buy orders and elevate TRX to highs close to $0.04.

Moreover, keeping the immediate support at the 100 SMA will ensure that stability is maintained ahead of a breakout.

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