Tron lifted off this month after a long bearish trend brought the market down to a low of roughly $0.03. Tron is boasting more than 100% gains in the month of April and it seems to be picking up steam, however before we get too exited, lets take a look at the charts.
We can clearly see the sellers entering the market at around $0.08 to collect those profits. Market action is bullish and I would expect a correction here, hopefully some sideways movement before we go up more.
Momentum in the markets (especially Crypto) can change at any moment and it would be wise to look at the support zones to add to longs, or possibly enter the market.
I will remain a uber Bull on the market should we stay above $0.075, however I will quickly switch gears and look to go short should this fail, medium term support, in my opinion is around $0.055 – $0.06.
TRX will most likely follow alongside Bitcoin for the most part when it comes to trading against the dollar, this is just my personal view, I could always be wrong about it.
Resistance is building up around $0.08 and I will wait to see if we consolidate above or below this to plan my next moves. Safe trades.