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Crypto Technicals: TRON (TRX) resumes weakness, break below 20-DMA could see fresh multi-month lows

TRX/USD chart - Trading View 

Exchange - Bitfinex

Support: 0.014490 (88.6% Fib); Resistance: 0.016547 (55-EMA)

Technical Analysis: Bias bearish

TRON (TRX) has been extending gradual grind lower after upside was capped at daily cloud.

Technical indicators on the daily charts are biased lower. RSI below 50 and stochs are sharply lower.

5-DMA has turned indicating near-term downside. TRX/USD is holding support at 20-DMA (0.015291).

Break below 20-DMA will see resumption of downside. Test of fresh multi-month lows likely.

Failure to break below 20-DMA could see further consolidation. Breakout above cloud will invalidate any bearish bias.
 

By Anupama Grandhi
  • Market Data
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