Tron (TRX) Price Analysis: Still in Correction Mode!

Tron (TRX) Price Analysis: Still in Correction Mode! 13

Tron is still pulling back from its recent upside break and strong surge, with buy orders likely located at these Fibonacci retracement levels. The 38.2% Fib is located at 0.072893 and the 50% fib is at 0.064384.

The 61.8% Fibonacci retracement level coincides with the previous broken range resistance at 0.055750 and might be the line in the sand for the pullback. A shallow correction could find support at the nearby 100 SMA dynamic inflection point at the .080000 level.

Speaking of moving averages, the 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This means that the uptrend is more likely to resume than to reverse. Also, the gap between the moving averages is widening to reflect strengthening bullish momentum.

However, stochastic is still heading lower to signal the presence of bearish pressure. RSI is also heading south so Tron could follow suit. These suggest that the correction could go on for a bit longer before bulls charge again.

Tron (TRX) Price Analysis: Still in Correction Mode! 14

Negative remarks on bitcoin from Warren Buffet and the pickup in geopolitical risk after Trump’s decision to quit the Iran deal are currently weighing on investor sentiment in the cryptocurrency industry. At the same time, the dollar is being propped up by risk-off flows, as well as expectations for further tightening.

As for Tron itself, the network has completed its airdrop to the Ethereum community as it braces for the mainnet launch. The next version called Odyssey introduced a variety of features focused towards security and increasing transaction speed. This is scheduled for the end of the month, as the company’s Medium post states:

“Most modules and mechanisms have undergone an optimization, with an improved overall performance, signalling steady progress in our development.”

The update aims to increase security against DDoS attacks on a bandwith based mode. The Transactions Per Second limit is also increased thanks to ‘multi-thread parallel verification/signature model’.

*The market data is provided by TradingView.