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Tron defends crucial support but bulls need to flip this area before…
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ambcrypto.comBitcoin climbed toward the $50k area in the past couple of days. But it has not yet regained a momentum that can propel it past the $53.6k level. Another rejection for Bitcoin could see altcoins like Tron form a lower high and continue to descend.
The alt formed a descending wedge pattern but still faced significant selling pressure as it fell to the $0.077 level. A dip to $0.075 was quickly bought up, but it remained to be seen if bulls can follow through.
Source: TRX/USDT on TradingView
The Fibonacci retracement tool was used to plot levels of significant resistance on the 12-hour chart based on Tron’s move from $0.18 to $0.046 in April-June earlier this year. Since August, the price stayed above the 23.6% retracement level at $0.077.
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