TRON (TRX) Technical Analysis Report | 23rd-FEB-2023

TRON (TRX) is a blockchain-based decentralised operating system developed by the Tron Foundation and launched in 2017. Initially, TRX tokens were ERC-20-based tokens implemented on Ethereum, but a year later they were moved to their own network. The price of the asset has increased marginally by 1% while the global volume has fallen by almost 25% presently at $225 Million. The crypto market in general is bearish today as all coins including BTC corrected after the Fed’s FOMC minutes suggested more rate hikes if high inflation persists.

At the time of writing, TRX was trading at $0.6980

TRON (TRX) Technical Analysis Report | 23rd-FEB-2023
Tron (TRX) Chart

TRX after making the long lower shadow at the low of $0.04526 (which indicated short covering) started taking support multiple times at $0.049 and showed good signs of recovery. The asset was facing stiff resistance at $0.055 but the bulls finally were able to break the key resistance level and witnessed a sharp rally and the prices surged up to $0.07307. TRX faced strong resistance at $0.0725 (Horizontal Trendline) and saw some profit booking and dropped to $0.0696. Hence to further rally, it needs to break, close and sustain above $0.0725 whereas $0.0655 will act as strong support for the asset.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2

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