Core Strategy, Tron (TRX) Price Could Face 13% Pullback If Time Zones Support đđđ
Failure to break above the $0.127 resistance level made it seem like the price of Tron (TRX) would face a potential decline.
However, this could change as investors become confident about potential gains, which could change the direction of price action.
This resulted in about 4% of the circulating supply, or nearly 3.1 billion TRX, entering the wallets of long-term holders (LTHS).
Medium-term holders have not touched this $365 million supply for over a year, highlighting a significant shift. LTHs tend to be the most important group of any asset as they often anchor the price with their conviction during bear markets.
This prevents any potential bearish developments from strengthening, which may not happen anyway as bearish sentiment is not strong enough.
The Average Directional Index (ADX) measures the strength of trends in financial markets. A high ADX indicates a strong trend, while a low ADX indicates a weak or sideways trend.
In the case of TRX, the ADX is well below the 25.0 threshold, indicating a weak bearish trend. This trend may not strengthen if the price of Tron rebounds from the $0.115 support.
Tron is trading at $0.118, close to the critical support of $0.115. This level is crucial as it coincides with the 23.6% Fibonacci retracement level. This Fibonacci level is known as a bear market support level and if the price breaks below it, it would indicate a massive correction.
Since TRX holders seem confident about a potential recovery, the price of Tron may not fall below this line. A bounce to recovery is the more likely outcome, which would help the altcoin regain support from the 38.2% Fib.
But if the price of Tron breaks below this level, the decline could extend to $0.112. Losing this support would invalidate the bullish thesis as the altcoin could fall to a four-month low of $0.107.
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