![TRON [TRX] uptrend momentum slows: Is a short-term price consolidation likely?](https://i.headtopics.com/images/2023/1/12/cryptoamb/tron-trx-uptrend-momentum-slows-is-a-short-term-pr-tron-trx-uptrend-momentum-slows-is-a-short-term-pr-1613574777742000128.webp)
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. TRX was bullish on the lower timeframes. TRX could break above or oscillate within the $0.05630 – $0.05695 range. TRON’s [TRX] recent price action followed Bitcoin [BTC] and U.S. stock market performance. U.S. stock […]
TRON was forced into another short-term price consolidation after a gradual uptrend since 6 January. The previous short-term consolidation between 9 – 10 January broke below the $0.05491 support but rebounded from the uptrend line .
It could also break above the range if BTC is bullish and because its uptrend momentum was relatively strong, as evidenced by the Average Directional Movement Index of 37. In addition, the Relative Strength Index on the three-hour chart was in the overbought area, thus, strongly bullish. Alternatively, bears could force TRX to break below $0.05630, invalidating the above bias. But the $0.05565 could hold its bears from a further downtrend.TRX’s weighted sentiment remained negative as the FUD around TRON’s founder, Justin Su and the Huobi exchange was still strong at press time. This shows that the investor’s outlook on the asset was bearish. But it didn’t prevent TRX from rallying.
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