![Tron [TRX]: Short-term investors should be cautious with this supply zone](https://i.headtopics.com/images/2022/12/21/cryptoamb/tron-trx-short-term-investors-should-be-cautious-w-tron-trx-short-term-investors-should-be-cautious-w-1605602243763372032.webp)
TRX bulls had reached a key supply zone. If the bulls maintained momentum in the short term, they could hit $0.05557. A break below $0.05429 will invalidate the bullish forecast. TRON [TRX] recently ranked the second highest in total value locked (TVL), with Ethereum taking the first spot. Therefore, it shouldn’t be surprising that its […]
, with Ethereum taking the first spot. Therefore, it shouldn’t be surprising that its native token, TRX, has made 6% gains since 17 December.However, at press time, TRX had hit a significant supply zone that limited its capacity to offer more gains to investors. It was trading at $0.05496 and could face intense opposition from the further uptrend, given the selling pressure that could come from this short-term supply zone.
However, the Money Flow Index also recorded a steep rise, followed by a zig-zag with a gentle slope upwards. This showed that accumulation had increased in the past few hours but was followed by minor distribution sessions . However, if sellers push bulls out of the supply zone, it will invalidate the above bullish bias. Such a downward pressure could see TRX settle at the 55-period Moving Average level of $0.05429.According to Santiment, TRX’s development activity declined sharply, as did the investors’ confidence in the asset- shown by negative weighted sentiment.
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