menuIcon
$ 83,363.5
BTC
$ 83,363.5
-0.94 %
$ 1,840.47
ETH
$ 1,840.47
-3.10 %
$ 0.6828
ADA
$ 0.6828
-2.69 %
$ 612.88
BNB
$ 612.88
-0.01 %
$ 126.52
SOL
$ 126.52
-1.75 %
Vikram
Jun 1, 2022
by Vikram

TRX Technical Analysis: Reversal Brings Cup And Handle Breakout 

TRX Technical Analysis
TRX price shows a bullish reversal from $0.80, resulting in the $0.086 level breakout and a cup and handle pattern. Will the breakout rally reach $0.10?

Key technical points:

  • The TRX market value increased by 9.54% in the last 24 hours.

  • Price action shows a rounding bottom breakout.

  • The 24-hour trading volume of Tron is $1.294 Billion, indicating a hike of 35.70%.

    • Past Performance of TRX

    TRX prices showcased a sharp V-shaped reversal from the $0.080 mark resulting in the $0.086 and the cup and handle pattern breakout. In our previous article, we mentioned the possibility of a reversal from $0.080 leading to the cup and handle pattern. The 10% reversal completes the pattern, with the 5.79% bullish engulfing candle being the one to break the neckline at $0.086.

    TradingView Chart

    Source- Tradingview

    TRX Technical Analysis 

    The cup and handle breakout rally generally soar as much as the depth of the cup pattern, which in this case might push the TRX price above $0.10. Therefore, traders can find breakout entry opportunities at the current market price. The Daily Moving Averages – 20, 100, and 200-days are ready to regain a bullish alignment as the 20 and 200 DMA are prepared for a crossover after the recent golden crossover. Hence, the MEAs reflect a significant rise in the underlying bullishness.

    The RSI indicator displays the slope sustaining in the nearly overbought zone with the support of the 14-day SMA and approaches the 70% border. Furthermore, the MACD indicator shows a rising trend in the histograms after a short pause when the MACD signal lines avoided a bearish crossover to continue the uptrend in the positive territory. In a nutshell, the TRX technical analysis shows a breakout rally ready to approach the $0.10 mark.

    Upcoming Trend

    If the TRX price continues the bullish journey, the uptrend will surpass the $0.10 level and reach the next potential resistance level at $0.12 as the trend momentum increases. However, an unlikely reversal will result in a retracement to retest the $0.10 breakout.

    Resistance Levels: $0.12 and $0.15

    Support Levels: $0.10 and $0.085

     

    Follow us on: News
    Tron TRX TRXTechnicalAnalysis
    TRX Technical Analysis: Reversal Brings Cup And Handle Breakout 
    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.