TRON investors looking for profits should target this Fibonacci level

Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and is the opinion of the author only

  • TRX may be trading sideways over the next few days.
  • Development activity decreased slightly.

Last throne [TRX] Elevation offer investors gains of more than 30%. But the top started a price consolidation that could extend even further bitcoin [BTC] Make big strides.

At press time, TRX is trading at $0.06205 as it attempts to reach the middle and upper borders of its current trading range.

Read throne [TRX] predict the price 2023-24

$0.06120 – $0.06354: Is a breakout likely?

Source: TRX/USDT on TradingView

TRX has been trading in a range between $0.06120-$0.06354 since January 14, after hitting the general resistance at $0.6580.

On the 12-hour chart, although the Relative Strength Index (RSI) had pulled back from the overbought area and moved sideways, it was still at 66. Thus, TRX was still bullish, but the volatile buying pressure could set it up for more. A side aspect is market structure, market structure.

Also, On Balance Volume (OBV) decreased slightly but fluctuated as it went down. As such, volatile trading volumes can enhance the sideways structure. Therefore, TRX may continue to trade in the range of $0.06120-$0.06354 or target the general resistance in the next few days.

Investors can target the upper and lower boundary of the range in order to profit. The middle range of 78.6% Fibonacci retracement at $0.06238 is a critical barrier worth noting.

However, if the bears push the TRX below the range, it will negate the structure of the side above. The 61.8% Fibonacci level could pressure the trend lower in such a case, especially if Bitcoin is bearish.

In addition, investors should pay attention to the FOMC meeting in late January, which will be a market stimulus for Bitcoin and traditional markets.

TRX experienced a weighted sentiment decline, but…

Source: feeling

According to Santiment, TRX development activity peaked for a few days before dropping sharply at the time of writing. This decline was reflected in the decline in investor confidence as well as in the negative weighted sentiment.

Is your wallet green? paying off TRX profit calculator

However, Binance’s funding rate for the TRX/USDT pair remained relatively positive, indicating that demand for TRX remained unchanged after the recent price drop. Additional demand could push TRX to gain bullish momentum.

The above metrics provide a countervailing effect, so that investors can also track the price movement of BTC.

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