TRON [TRX] uptrend momentum slows: Is a short-term price consolidation likely?

Disclaimer: The data offered doesn’t represent monetary, funding, buying and selling, or different forms of recommendation and is solely the author’s opinion.

  • TRX was bullish on the decrease timeframes.
  • TRX might break above or oscillate throughout the $0.05630 – $0.05695 vary. 

TRON’s [TRX] current price motion adopted Bitcoin [BTC] and U.S. inventory market efficiency. U.S. inventory markets rallied on 11 January as speculators guess on easing U.S. inflation, boosting crypto markets. 

Bitcoin additionally rallied, claiming the $18K psychological stage, however confronted price rejection at $18,375. TRX additionally rallied, breaking above its short-term buying and selling vary of $0.05491 – $0.05565. But TRX was rejected at $0.05695 and will oscillate inside this vary within the subsequent few hours/days. 

Read TRON’s [TRX] Price Prediction 2023-24

Will TRX transfer previous the $0.05630 – $0.05695?

Source: TRX/USDT on TradingView

TRON was compelled into one other short-term price consolidation after a gradual uptrend since 6 January. The earlier short-term consolidation between 9 – 10 January broke beneath the $0.05491 assist however rebounded from the uptrend line (white line). 

An analogous consolidation development and bounce again was noticed between 11 – 12 January. If the development repeats, TRX might oscillate between $0.05630 – $0.05695 and rebound from the uptrend line. 

It might additionally break above the vary if BTC is bullish and since its uptrend momentum was comparatively sturdy, as evidenced by the Average Directional Movement Index (ADX) of 37. In addition, the Relative Strength Index (RSI) on the three-hour chart was within the overbought space, thus, strongly bullish. 

However, such a bullish upswing could possibly be saved in examine by the fast resistance vary of $0.05695 – $0.05767. 

Alternatively, bears might power TRX to interrupt beneath $0.05630, invalidating the above bias. But the $0.05565 might maintain its bears from a additional downtrend. 

The sentiment in the direction of TRON remained destructive

1673545322 271 TRON TRX uptrend momentum slows Is a short term price consolidation

Source: Santiment

TRX’s weighted sentiment remained destructive because the FUD round TRON’s founder, Justin Su and the Huobi alternate was nonetheless sturdy at press time. This exhibits that the investor’s outlook on the asset was bearish. But it didn’t stop TRX from rallying. 

In addition, TRX’s growth exercise dropped sharply from 10 January. However, with rising buying and selling quantity, TRX’s price rose as nicely. Thus, TRX might break above its present buying and selling vary, particularly if BTC is bullish.

Is your portfolio inexperienced? Check out the TRX Profit Calculator

However, a bearish BTC might give bears extra leverage; thus, monitoring BTC’s price motion could possibly be worthwhile. 

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