New High For TRON, But Bearish Signals Cast Shadows On The Rally
The post New High For TRON, But Bearish Signals Cast Shadows On The Rally appeared on BitcoinEthereumNews.com.
The price of TRON (TRX) has been on an impressive run of late and established a double-top technical formation. Technical analysts typically utilize this pattern to forecast a trend reversal when an asset reaches its peak. Tron is currently trading close to its all-time high level, which has attracted traders’ attention to the double-top. TRX is selling at $0.1654, and currently with a price projection of 67% in the next three months, CoinCheckup data reflect. However, the estimate permits some safety line, traders are starting to get more worried due to the changes in the market. Increase In Sales Volume Raises Concerns In a recent post, analyst Alan Santana saw a significant increase in selling volume, which raised concerns about market pressure. High selling volume typically indicates that upward momentum is beginning to wane, particularly when paired with pessimistic sentiment. #Altcoins | #TRX Tron: New High & Double-Top (Full Trade-Numbers SHORT Incl.) TRXUSDT (Tron) just produced a new high and double-top. This is one of the pairs that offers the best risk reward ratio because it trades so close near the All-Time High, near resistance. Current… pic.twitter.com/aztSSGElGf — Alan Santana (@lamatrades1111) November 3, 2024 This pattern may be concerning for TRX traders as it suggests that a decline may be imminent. Experts believe such a reduction could occur even in the coming weeks or months, despite the pattern being harder to predict. In addition to these worries, there isn’t enough good buying volume. Peak purchasing activity typically comes before price growth in a healthy market. Regretfully, TRX hasn’t been like this recently. It is evident from the present trading activity that buyers are not entering the market with sufficient zeal, which could be short-term bad news for TRON investors. TRON Holding Period Down TRX investors have been holding TRON coins…
Filed under: News - @ November 4, 2024 6:21 pm