Tron: TRX buyers must be wary of these levels before going long

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice.

After taking off from the $0.06-support, Tron (TRX) made impressive progress on its chart. Higher lows alongside steady highs beyond the 38.2% and 50% Fibonacci level bagged in well-desired up-channel (white) gains.

With the 61.8% level reflecting a momentous stiffness, a likely drawdown could propel a patterned breakout in the four-hour timeframe. In this case, the $0.07-$0.08 range should cushion any potential bullish endeavors. At press time, TRX was trading at $0.0832, up by 6.12% in the last 24 hours.

Source: TradingView, TRX/USDT

TRX’s ascending channel crystallized after the prices revived from a low of $0.064 on 2 May. The morning star candlestick setup catalyzed the buying build-up at the $0.066-level. Thus, driving a nearly 40% growth until TRX poked its five-month high on 5 May. 

Then, as the price approached its multi-week trendline resistance (yellow, dashed), the alt quickly turned it back on it while breaking out the current pattern. To confirm a negative outcome for the buyers, TRX needs to convincingly close below the pattern. From there, the 50% Fibonacci level and the $0.076-support would be potential targets for the sellers.

Having a bird’s eye view of the broader trend, the buyers should not find it difficult to support the retracements at the basis line (green) of the Bollinger Bands (BB). Despite a potential fall from the upper band of the BB, the price could hover in the upper zone of the BB in the coming times.

Source: TradingView, TRX/USDT

The alt’s technical indicators made it clear that buyers dominated the ongoing momentum. The RSI showed slowing signs after testing