TRX Technical Analysis: Bullish Reversal Prepares 15% Hike

Key technical points:

Past Performance of TRX

TRX prices experienced a surge in buying pressure with the start of April, resulting in a bullish spree above the 200-day EMA and reaching $0.085. The bull run accounted for a price jump of more than 35% within the first week of April. However, due to the LUNA controversy, the market value of TRX declined sharply, undermining all the bullish growth and reaching the 50-day EMA.

Source-Tradingview

TRX Technical Analysis 

After approaching the 50-day EMA, we can see a halt in the downtrend and an increased number of bullish breakout attempts above $0.075. The recent effort shows a 4.76% bullish engulfing candle breaching the 200-day EMA with increased trend momentum.

The crucial daily EMAs maintain a sideways flat trend, but the recent 100 and 50-day EMA bullish crossover projects a rise in underlying bullishness. Moreover, the declining bearish spread between 50 and 200-day EMA increases the chances of golden crossover.

The RSI indicator increases bullish influence on the price trend as the RSI slope hikes above the halfway line with a parabolic recovery. Hence, the surcharge in RSI values increases the chances of a bullish breakout.

The MACD indicator reflects a rise in the fast line after a steep downtrend projecting a high likelihood of a trend reversal bringing a bullish crossover. 

In short, the TRX technical analysis projects a much more likely scenario of a bullish breakout.

Upcoming Trend

TRX prices will surge higher with an extreme rise in trend momentum upon the $0.075 breakout to retest the $0.085 high. Moreover, the increased speed makes a much more likely possibility of a bullish breakout to reach $0.10. However, a reversal back to 50-day EMA can be seen upon bullish failure.

Support Levels: $0.065 and $0.057

Resistance Levels: $0.075 and $0.085