According to the price analysis by Peter Smith, a financial analysist at dagx.live crypto trading platform, Tron (TRX) rallied about 13% in the past seven days. Tron CEO Justin Sun had built up expectations of a big announcement by hinting that a new partnership with a multi-billion dollar megacorporation would “broadly distribute TRON Dapps and tokens to billions of customers.” The altcoin rallied on the hype but succumbed to profit-booking on the news that Samsung had integrated Tron with its Blockchain Keystore. Can the altcoin build on this news after the initial profit booking? Let’s analyze its chart and find out.
The TRX/USD pair is facing resistance at $0.0234. Both the moving averages are flat and the RSI has gradually risen to the midpoint. This suggests a range-bound action for a few weeks. A breakout after consolidation will indicate accumulation by stronger hands. The first target on the upside is $0.041.
When in range, the best time to buy is at the support or wait for a breakout from it. Therefore, the traders can either buy on a rebound off the $0.0136655 to $0.011240 support zone or buy after a breakout of $0.0234. The stop loss can be kept at $0.011. Contrary to Peter Smith’s assumption, if the bears sink the pair below the range, the downtrend will resume.