Tron drops 50%, will it bounce back?

The TRX follows a long term ascending support line.

Short-term technical indicators are gradually turning bullish.

The course is nearing the end of an ABC training

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The course TRON (TXR) lost 54% of its value since its peak of 3 September. That said, he is now approaching a significant support area, which could start a rebound.

Back to its support

The Bitcoin Revolution price has been declining from its September 3 high of $ 0.049. The decline was first very steep, before becoming more gradual for two weeks.

The TRX is approaching two important support areas, the minor $ 0.0225 area and an ascending support line in place since March. A passage under these areas would probably confirm a downward trend.

Technical indicators are not showing any sign of a turnaround, knowing that the MACD, Oscillator and RSI are all in decline

That said, the shorter, six-hour time scale gives us a slightly more bullish forecast. A bullish divergence is developing in the RSI like the MACD, although it is not yet confirmed.

That said, if price drops to a lower low within the $ 0.225 area with higher highs for the MACD and RSI, it would indicate that a rebound is likely.

Cryptocurrency trader @ Crypto618 says the price of TRX has likely hit a long-term high. He now expects an extended period of downward movement.

While this is possible, knowing the wave count looks correct, fibonacci targets suggest price will post a new high.

Wave A’s internal 1.61 retracement (blank below) suggests price will peak at $ 0.063. For its part, the external retracement of wave B (1.27-1.61) gives us a target between $ 0.058 and $ 0.074.

Knowing that none of these values ​​have been reached, one expects a higher peak before a correction.