The BTC dominance metric saw an upside move to 43.34% from 42.9% over the previous 48 hours. That shows that Bitcoin had performed slightly better or posted fewer losses than other assets in the marketplace.
Moreover, TRON has oscillated on its charts according to BTC’s whims. The alternative coin encountered resistance within the $0.06 – $0.065 range. For now, TRON changes hands within this territory again.
TRON: 1Hr Chart
The previous ten days saw TRX forming a range from $0.0575 to $0.0626. Also, the altcoin has seen deviations below $0.0575, but they might be due to liquidity hunting. Furthermore, the range’s midpoint has acted as temporary resistance and support within the previous two weeks.
Therefore, the range formation seized some water in the near term. Besides the $0.06 mid-range value, TRON had a long-term horizontal resistance area near $0.0605. Remember, the altcoin has encountered many rejections at this level recently. Nevertheless, a decisive breakout above this rea saw TRX touching the range highs.
Therefore, TRX might witness two scenarios: Rejection and action towards $0.058 or sideways movements around this level before the value upsurge to $0.0627. In either case, the risk-to-reward wouldn’t be practical for either bearish or bullish traders.
Reasoning
The indicators remained mellow and indicated no massive near-term trend behind TRX’s latest price action. The Awesome Oscillator rose past the zero line over recent hours. But the indicator wavered below and above the zero line lately.
The CVD also confirmed similar tales. Though it displayed some buying momentum before this publication, nothing was significant. The DMI (Directional Movement Index) flashed massive trend absence, ADX staying beneath 20.
Final Thought
While publishing this content, TRON traded at $0.06069. Moreover, the alt faces resistance inside the $0.06 – $0.065 range. A downward move to $0.056 – $0.058 might present a short-term ‘buy’ opportunity, whereas testing the resistance of $0.0627 will mean a selling opportunity for TRX traders.
Risk-loving investors might position themselves at the $0.06 – $0.0605 region, while risk-averse individuals may wait for more certain opportunities. Nevertheless, BTC’s reactions remain critical for TRON directional bias.
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