TRX, one of the old altcoins familiar to cryptocurrency investors, has been relatively less affected by the recent crash. Despite its controversial founder, Sun, the altcoin has managed to stay strong in the bear market. However, a new support test seems likely for the altcoin in the short term. So, at what price level can TRX become attractive for buying?
Tron (TRX)
Bitcoin‘s recent surge has helped reverse the losses that most altcoins experienced in the first half of June. Especially Tron came close to reclaiming $0.08580, which was its highest level in June. However, for the altcoin to progress further, it needs to deal with a barrier below the highest level of June, which is a sell order block.
A recent report revealed that Tron has outperformed Ethereum in terms of locked total value. However, TRX’s price movement has been influenced by market sensitivity, especially the movement of BTC price.
TRX Price Prediction
At the time of writing, TRX’s price recovered near the $0.07858 level after being rejected at the sell order block between $0.0826 and $0.0858 on the 12-hour chart. Bulls are still targeting the downward OB, and if the break of the barrier is proven to be stubborn, they may stumble again. A possible decline could lead to a breach of the $0.0786 support. In particular, the rising trend line has been a significant support level since mid-June. A drop and possible recovery in the consolidation area could provide bulls with a re-entry opportunity for long positions targeting the downward OB.
A violation of the rising trend line support would invalidate the bullish thesis. If this possibility occurs, a retest of $0.7500 is likely. Meanwhile, the Average Directional Index was above 20, and the Chaikin Money Flow was above zero, indicating a strong uptrend and capital inflow for TRX.
In summary, if the specified level is not surpassed in the short term, the support zone can present a good opportunity for entry. Next week, it does not seem that crypto will be significantly affected on the macro front. The cryptocurrency is expected to move more based on its own internal dynamics, with possible fluctuations before the Fed meeting. Investors usually witness both declines and increases in the 7-10 days leading up to Fed meetings, and as the meeting day approaches, their losses increase. As the possibility of interest rate hikes is on the table in this meeting, cautious investors may trigger risk reduction or stop-loss selling, which could lead to bottom tests.
