Despite performing well for a long time, the crypto market has faced a huge selloff recently. Along with several major cryptocurrencies, TRON had also faced a huge downside movement on Thursday, November 26, 2020. TRON dives by 30% from the month’s peak and, somehow, managed to get support at $0.0275. At present, the resistance level is at $0.03 because of which the recovery period will be delayed.
TRON Dives by 30% But 100 SMA Might Find Stability
Even though TRON dives by 30% and there has been a huge downside movement, but it has managed to gain stability with 100 SMA. However, the problem is emerging at the current resistance level which is at $0.03. Despite such a huge downtrend, it seems that analysts are still highly bullish.
As the TRON resistance level sits at $0.03 level, the analysts believe that there is a huge need for more buy orders. As the buy orders will increase, TRON will ultimately lead to a $0.04 level, which will take it towards recovery. Along with increasing the buy order, it should also ensure that support remains at 100 SMA which will help in maintaining the stability.
Seller Congestion Sits at 50 SMA
Currently, TRON has managed to gain support at 100 SMA and the seller congestion is exactly half to this, i.e. 50 SMA. The price is fluctuating between getting support at 100 SMA and facing seller congestion at 50 SMA. Despite this trend, nothing could be said clearly whether TRON will be able to gain an uptrend or not. Even if it manages to keep the support at 100 SMA, it is not sure whether recovery will happen or not. If the bullish trend is taken into consideration then this downtrend is just for a short period and it will manage to sustain the uptrend and bullish rally.