$TRX - Technical Analysis (04/20/2025)

- Candlestick Pattern: On the weekly timeframe, TRX has formed a "bullish engulfing" candlestick pattern, indicating strong buying pressure and the possibility of continuing the upward trend after the recent correction.

- Resistance and Support:

• Resistance: The nearest resistance level is $0.25. If this level is surpassed with strong trading volume, TRX may target $0.30 in the medium term.

• Support: The important support level is at $0.224. If the price drops below this level, it may continue to decline towards the $0.20 area.

- RSI Indicator:

The current RSI index is near 35, indicating that the market is in an oversold state, which could lead to a price recovery in the short term.

- Fundamental Factors:

• TRON ETF in the U.S.: Canary Capital has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch a TRON spot ETF with staking features, which could attract the attention of institutional investors and increase liquidity for TRX. 

• Whale Activity: Recently, some whales have sold large amounts of TRX, causing the price to drop by 2.7% in 24 hours. However, many analysts believe that this is only a short-term adjustment and does not affect the long-term bullish trend of TRX. 

=> Assessment:

With positive technical signals and supportive fundamental factors, TRX has the potential to continue its upward trend in the short term. However, investors should closely monitor important support and resistance levels to make appropriate trading decisions.