TRON PRICE ANALYSIS & PREDICTION (September 6) – TRX Undergoes Retracement Amid Falling Market, Bullish Trajectory Remains Intact

TRX is now undergoing a retracement after posting an impressive gain last month. However, it may resume buying as its overall market outlook remains bullish monthly following a 200% increase in the past year.

Tron’s bullish trajectory has remained technically valid from a long-term scale despite past months of bearish correction amongst several altcoins.

However, its overwhelming price performance has temporarily halted as it encountered resistance at $0.17 last week. The ongoing retracement has become significantly broad since it reinitiated drops briefly above the $0.16 level. The price currently looks weak daily as it sits at $0.15.

A further decline from where it currently sits could facilitate a broader retracement before resuming a bullish move – the higher high and higher low pattern – at full speed. Failure to resume bullish may result in a continuous decline until it finds a solid ground.

While the last leg up was supported by the August low, a drop below it may invalidate the existing bullish in the short term before picking up again.

But looking at the price setups on a weekly timeframe, TRX looks very promising and is much more likely to post bigger gains in the long term. More buying actions should be expected from a technical standpoint.

Tron’s Key Level to Watch

Source: Tradingview

In the current retracement move, TRX will likely face support at $0.144. Below this price level lies close support at $0.1395 – a key potential rebound level. A broader retracement from here could bring us to $0.13.

For now, the $0.1617 level is held as weekly support. Right above this level lies the $0.17 resistance, where the market initiated a retracement in August. A rebound above these resistance levels could skyrocket the price to $0.18 and potentially $0.2.

Key Resistance Levels: $0.1617, $0.17, $0.18

Key Support Levels: $0.144, $0.1395, $0.13

  • Spot Price: $0.15
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Source: https://nulltx.com/tron-price-analysis-prediction-september-6-trx-undergoes-retracement-amid-falling-market-bullish-trajectory-remains-intact/