Bitcoin was trading at $10,381 at the time of writing, after registering a low of $9966 yesterday. As long as Bitcoin does not close under the $10,000-level, a case can be made to suggest that it will be in a consolidation phase after the sell-off, above its support level. In fact, many altcoins noted massive sell-offs as well, losing 20-30% of their value in less than three days.
Tron was one of the outliers, gaining by nearly 50% to climb to a local high of $0.049. However, TRX was experiencing a pullback at press time, while Polkadot and Crypto.com Coin struggled to stay afloat under a storm of selling pressure.
Tron [TRX]
Source: TRX/USDT on TradingView
TRX surged from $0.019 to breach $0.03, before dropping for a couple of weeks to under $0.025. TRX spiked again, however, to form a high at $0.049. Using the Fibonacci Retracement tool, important levels of retracement can thus be highlighted. At press time, TRX was trading just beneath the 50% retracement level at $0.033.
The Awesome Oscillator pointed to falling bullish
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