Tron (TRX) has managed to stay above the $0.20 mark, currently trading around $0.22. However, sustaining its upward momentum may prove challenging due to significant resistance levels and a weakening market sentiment.
One key factor signaling a potential pullback is the In/Out of Money Around Price (IOMAP) indicator, which highlights price ranges where a large number of tokens were bought at either a loss or profit. This metric reveals areas of strong support or resistance. At $0.23, approximately 3.34 million addresses held 3.33 billion TRX in losses, and at $0.24, around 4.72 million addresses owned 3.92 billion TRX in losses. These price levels act as resistance, as many holders are likely to sell their TRX at breakeven to avoid further losses, potentially stalling any further price growth.
Technical indicators also suggest that TRX may struggle to maintain an uptrend. The Moving Average Convergence Divergence (MACD), which tracks momentum, has dropped into negative territory. A bearish crossover has occurred, with the 12-day EMA (blue) falling below the 26-day EMA (orange). This suggests that the bullish trend is losing momentum, and TRX could remain below the $0.24 mark in the near term if the trend persists.
According to the Fibonacci retracement tool, TRX is currently near the 0.236 Fib level, a critical support area. If TRX manages to break above the $0.22 resistance, it could rise to the $0.27 level (0.382 Fib), and with more momentum, possibly even to $0.33. However, if the selling pressure intensifies, the price could fall to $0.15.
Given the current market uncertainty, traders should closely monitor these key resistance levels before expecting a significant price surge.
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