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Vikram
Apr 30, 2022
by Vikram

TRX Technical Analysis: Above $0.06 Buyers Eye 10% Rise

TRX
TRX coin price shows a higher price rejection from the $0.070 mark, but buyers refuse a fall below $0.060 and prepare another bullish strike.

Key technical points:

  • TRX prices sustain above $0.060.

  • The coin price challenges the 50-day EMA.

  • The 24-hour trading volume of Tron is $1.54 Billion, reflecting a rise of 102%. 

    • Past Performance of TRX

    TRX prices experience a rise in trading volume to support the higher price rejection from the $0.070 resistance zone resulting in a fall to the $0.060. However, the buyers undermine the rise in selling pressure as the market price sustains above $0.060 and avoids a downtrend continuation.

    TradingView Chart

    TRX Technical Analysis 

    The TRX price action shows a Dragonfly candle formation promoting the possibility of an evening star pattern to continue the bearish trend. However, the downtrend continuation must find a closing below the $0.060 to undermine the bullish recovery and reach $0.055.

    With the bullish recovery challenging the 50-day EMA, the possibility of price sustaining above the bearish aligned EMAs increases. Hence, closing above the 50-day EMA will be a buying spotlight.

    MACD indicator: The MACD and signal lines are merged below the zero line indicating a potential bullish crossover coinciding with the price jump.

    RSI Indicator: The RSI slope shows a gradual recovery, with the 14-day average crossing above the halfway line. 

    Hence, the momentum indicators reflect a surge in underlying bullishness ready to approach $0.070.

    In a nutshell, the TRX technical analysis indicates a high possibility of a bullish reversal from $0.060. 

    Upcoming Trend 

    TRX coin price action shows a growing bullish influence as the buyers reclaim $0.060 and avoid a bearish downfall. Hence, the uptrend shows an incremental increase in momentum and will potentially surpass the $0.0.70 mark to reach $0.076.

    Support Levels: $0.060 and $0.055

    Resistance Levels: $0.070 and $0.076

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    Tron TRX
    TRX Technical Analysis: Above $0.06 Buyers Eye 10% Rise
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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