TRON has seen a neutral momentum in recent weeks, but buyers may be looking for a pullback to…

The information provided does not constitute financial, investment, trading or other types of advice and is solely the opinion of the author

  • The $0.053 high volume node on TRON has been dominating the price charts since early December.
  • A move above the higher value area could start a rally.

Bitcoin continued trading near the $16.6K level and has seen a strong performance in recent weeks. A drop to the $16.2k support could also drive down the price of TRON. This drop in TRX can be bought with the aim of a small upward movement.

Read the TRON price forecast 2023-24

TRON has been defending the $0.052 support level since June. It fell to $0.049 in mid-November but quickly rebounded above this support level. It showed less volatility recently as it traded inside a high volume node.

The ascending H12 break has been defended since late November and could act as support again

Source: TRX/USDT on TradingView

The volume profile of the visible range showed the value range low and high at $0.04915 and $0.05635 respectively. The control point, the highest volume node in the visible range, was $0.05347. It represents a huge level of support for TRX.

Throughout the month of December, TRON did not do much on the price charts in terms of setting up a major trend. The rest of the cryptocurrency market also did not see a strong trend, especially Bitcoin and Ethereum holding their short-term support and resistance levels.

How many TRX can you get for 1 dollar?

Based on the price action, we can see that $0.051-$0.052 acts as support as it is a bullish break on the 12-hour chart. It also meets the horizontal support level at $0.052 and the 38.2% Fibonacci retracement level. Therefore, it can provide a one-stroke buying opportunity. To the north, buyers can use the $0.056 resistance to take profit.

Open interest is still holding, but rising CVD means that buyers have been pulling back

TRON Volume Profile shows some profit target for buyers but the trend has been…

Source: Coinalyze

Coinalyze’s data showed that TRON was most likely in an accumulation phase. The opening price has not changed since mid-December, along with the price. This was due to the lack of a trend, as it was probably the scalpers on a lower time frame who profited in the past two weeks of trading TRON.

However, the measure of spot CVD has been rising steadily since August. While the CVD rate rose, the price formed a series of lower highs. This indicates that the buying pressure was sustained, but the choppy selling waves and the overall market sentiment did not lead to an upward trend. The funding rate was also negative, showing a downward trend in recent weeks.

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