Massive alliances and development activity have recently been seen on the TRON [TRX] network. The most recent addition to the TRON platform, Binance-pegged USD [BUSD], allows users to withdraw and deposit the stablecoin through the system.
@binance has completed the integration of Binance-Peg BUSD on the #TRON network. Deposits and withdrawals for Binance-Peg BUSD are now open on #TRON. Ringing in more #TRONICS support for @binance @BNBCHAIN!
After the cryptocurrency market fall, TRX, the network’s native coin, also experienced significant gains of over 25%. It increased from a low of $0.04528 in November to a high of $0.05763 in the middle of December.
TRX’s price at the time of publication was $0.05398. Price was in a decline that could descend under $0.05357 and land under new support at the below level.
TRON Short-Term Support At $0.05367 In Doubt
On the daily chart, the price movement and rally of TRX following the market meltdown created a rising channel pattern. Common bearish patterns include rising channel patterns.
The short-term support level around $0.05357 restrained TRX from breaking below the channel. However, if buying pressure diminishes, TRX might drop below $0.05326 or $0.05293 in the upcoming days/weeks.
Following a moderate decline from the full range, the (RSI) gradually dropped below the mid-range. Due to the sellers’ ferocious pushback, this signaled that the buying pressure had marginally decreased.
Since mid-December, the (OBV) has also been continuously declining, eroding the required trading volume that might heighten purchasing pressure.
As a result, short-selling opportunities may arise if TRX drops to $0.05326 or $0.05293.
The bulls need to break above the $0.05500 50-period EMA to invalidate the bias above. They must first overcome the immediate challenge at the 26-period exponential moving average of $0.05435. The bulls will have more power if this upsurge is successful since they can target the bearish order block at $0.05579.
If MFI firmly moves above the 50-day moving average, investors should look for an uptick, and such a move would indicate a substantial continuing accumulation.
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The development effort for TRON steadily increased after December 25. Before weighted sentiment further sank into the negative zone, the growth only momentarily increased investor confidence.