Tron'x Analysis – December 22nd, 2020

Tron’s TRX slid by 6.06% on Monday. Reversing a 0.69% gain from Sunday, Tron’s TRX ended the day at $0.029324.

Tracking the broader market, Tron’s TRX rose to an early morning intraday high $0.03221 before hitting reverse.

Falling short of the first major resistance level at $0.03296, Tron’s TRX slid to a mid-day intraday low $0.28424.

Tron’s TRX fell through the first major support level at $0.03010 and the second major support level at $0.02875.

More significantly, Tron’s TRX also fell through the 23.6% FIB of $0.0291 before finding support.

In the 2nd half of the day, Tron’s TRX briefly revisited $0.03080 levels before falling back to sub-$0.030 levels.

The 2nd pullback saw Tron’s TRX fall back through the first major support level to wrap up the day at $0.0293 levels.

Late in the day, the 23.6% FIB of $0.0291 limited the downside.

At the time of writing, Tron’s TRX was down by 0.15% to $0.02928. A mixed start to the day saw Tron’s TRX rise to an early morning high $0.029809 before falling to a low $0.028805.

Tron’s TRX left the major support and resistance levels untested early on. The reversal saw Tron’s TRX briefly fall through the 23.6% FIB of $0.0291, however.

For the Day Ahead

Tron’s TRX would need to move through the $0.02999 pivot to support a run at the first major resistance level at $0.03155.

Support from the broader market would be needed, however, for Tron’s TRX to break back through to $0.031 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Tron’s TRX could test resistance at $0.033 before any pullback. The second major resistance level sits at $0.03377.

Failure to move through the $0.02999 pivot would bring the 23.6% FIB of $0.0291 and the first major support level at $0.02776 into play.

Barring another extended sell-off on the day, Tron’s TRX should steer clear of sub-$0.027 levels. The second major support level sits at $0.02620.

Looking at the Technical Indicators
First Major Support Level: $0.02776

First Major Resistance Level: $0.03155

23.6% FIB Retracement Level: $0.0291

38.2% FIB Retracement Level: $0.0428

62% FIB Retracement Level: $0.0648

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