Global economic uncertainties are weighing on cryptocurrency markets as TRX consolidates following its recent failed breakout attempt.
The token, which established a trading range between $0.271 and $0.278, has shown resilience despite mounting trade tensions between major economies.
Tron’s blockchain continues to demonstrate strong fundamentals, processing over $1 billion in daily transaction volume while maintaining its position as the primary network for USDT circulation with over 70% market share.
Technical Analysis Highlights
- TRX-USD established a 24-hour trading range of $0.271 to $0.278, representing a 2.95% spread.
- A bullish breakout attempt occurred during the 05:00 hour with high volume (121.2M), reaching $0.278 but failed to sustain momentum.
- Resistance zone formed around $0.277-$0.278, with support established at $0.271, tested twice with increasing volume.
- Price action shows consolidation following rejection at resistance, with $0.273 sitting near the midpoint of the range.
- Significant bullish momentum emerged in the last hour, breaking out of consolidation with a move from $0.271 to $0.272.
- Notable reversal at 13:34 saw volume spike to 5.4M as TRX surged from $0.270 to $0.271.
- Momentum accelerated between 13:55-14:00, with price reaching $0.272620, establishing a new resistance level.
- Despite a brief pullback to $0.272052, strong buying pressure maintained support above $0.272.
- The hour closed at $0.272442, representing a 0.5% gain from the opening.
- Substantial volume increase during the breakout confirms strength of the upward move, suggesting potential continuation.
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External References
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