TRX High Position Pullback, Where is the Short-term Support?

Market Analysis

The current price of TRX is $0.2975, with a 24-hour decline of 4.62%. The price has quickly retraced from a high of $0.4500 and is currently oscillating below $0.30. The trading volume has significantly decreased, and the short-term market sentiment is bearish, but the RSI shows it's close to the oversold area, indicating a possibility of rebound.

Support and Resistance Levels

Support Levels

1. $0.2900

2. $0.2700

3. $0.2500

Resistance Levels

1. $0.3100

2. $0.3400

3. $0.3600

Short-term Trading Strategy

Long Strategy

• Entry Point: $0.2900

• Add Position Point: $0.2700

• Stop Loss Point: $0.2500

• Take Profit Points: $0.3100, $0.3400

Short Strategy

• Entry Point: $0.3100

• Add Position Point: $0.3400

• Stop Loss Point: $0.3600

• Take Profit Points: $0.2900, $0.2700

If TRX can stabilize above $0.2900, there may be a chance for a short-term rebound towards above $0.3100; if it loses this level, it may continue to dip to the $0.2700 or even $0.2500 area.

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