Disclaimer: The information presented does not constitute financial, investment, trading or any other advice and is solely the opinion of the author
TRX could be trading sideways for the next few days.
Development activity declined slightly.
The recent TRON [TRX] rally offered investors more than 30% gains. However, the spike heralded a price consolidation that could extend to Bitcoin [BTC] makes big moves.
At the time of writing, TRX was trading at $0.06205 as it attempted to reach the mid and upper limits of the current trading range.
Read TRON [TRX] Price prediction 2023-24
The $0.06120 – $0.06354: Is a Breach Probable?
TRX has been trading within the range of $0.06120 – $0.06354 since January 14, after hitting an overhead resistance of $0.6580.
Although the Relative Strength Index (RSI) on the 12-hour chart pulled out of the overbought zone and moved sideways, it still stood at 66. So TRX was still bullish, but fluctuating buying pressure could set it for further sideways market structure.
In addition, On Balance Volume (OBV) declined slightly, but fluctuated as it declined. As such, fluctuating trading volumes could further reinforce a sideways structure. Therefore, TRX could continue to trade within the $0.06120 – $0.06354 range for the next few days or target the overhead resistance.
Investors can target the upper and lower end of the range for profit. The mid-range at 78.6% Fib level at $0.06238 is a critical obstacle worth noting.
However, if bears push TRX below the range, it would invalidate the above sideways structure. The 61.8% Fib level could hold the downtrend in such a case, especially if BTC was bearish.
In addition, investors should look forward to the FOMC meeting in late January, which will be a market trigger for BTC and traditional markets.
TRX saw a decline in weighted sentiment, but…
According to Santiment, TRX’s development activity peaked within a few days, before dropping sharply at the time of writing. The decline was reflected in a fall in investor confidence, as evidenced by negatively weighted sentiment.
Is your wallet green? look at the TRX Profit Calculator
However, the Binance Funding Rate for the TRX/USDT pair remained relatively positive, indicating that demand for TRX remained unchanged after a recent price drop. Additional demand could tip TRX to gain upside momentum.
The above stats provide counter effects so investors can track BTC price action as well.
This post TRON investors looking for profit should target this Fib level
was published first on https://ambcrypto.com/tron-investors-looking-for-profits-should-target-this-fib-level/