Tron It was observed to have reached a strong resistance zone, before being rejected and pushed lower, at the time of writing. In fact, it seems likely that this bearish momentum will continue for TRX. At a time when Ethereum was increasingly being criticized for high gas fees and a congested network, it might have been Tron’s time to shine, but things didn’t turn out that way at all.
TRX was seeing oversold conditions a few days ago when its RSI hit a low of 23, before climbing just over 50. However, the RSI was unable to stay above 50, and its dip below the level highlighted the fact that TRX’s recent 12% rise of $ 0.263 at $ 0.296 it was just a bounce.
TRX found a zone of strong resistance at $ 0.3 and it seemed likely to drop towards the support at $ 0.265.
Interestingly, a recent Reddit post has raised questions about JustSwap’s research process, stating that the Tron Foundation has on the white list a DeFi project that has since garnered a $ 2 million exit scam. This, despite DappRadar list the project as “high risk”.
Synthetix underscored the possibility of falling further down the charts. the Directional Movement Index It wasn’t showing a strong trend yet, but ADX (yellow) was creeping towards 20 and could move further north. Also, the rising -DMI (pink) denotes a downtrend.
Over the past week, each SNX bounce off the support level has been overwhelmed by selling pressure. This can be expected to continue. With the price recording lower highs, the path to the downside remained the path of least resistance for SNX.
The next support level after $ 4.23 was at $ 3.36, which represents a 20% depreciation.
VeChain showed optimism on the market after a period of consolidation. the Bollinger Bands expanded to indicate higher volatility, while price exploded towards the upper band. At the time of writing, the price was holding above the 20-period moving average, a moving average that could be tested as support as VET steadily rises towards its resistance around the $ 0.158 zone.
The breakout was also accompanied by high trading volumes, which legitimized the breakout.
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