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Tron Price Analysis: When will TRX Crypto Stop Consolidating and Adopt Either of Trend?

Analytics

www.thecoinrepublic.com 04 October 2022 12:34, UTC
  
Reading time: ~3 m

  • Tron price has been consolidating at 2021 lows and struggles to escape the consolidation phase.
  • TRX crypto is trading at 20 EMA and thriving for 50, 100 and 200-days Daily Moving Average.
  • The pair of TRX/BTC is at 0.000003127 BTC with an intraday drop of 2.55%.

The price of Tron underwent a number of notable variations throughout the course of a single day. On the daily chart, the cryptocurrency initially entered a downward channel before attempting to reverse direction inside an adjacent ascending channel. Then, another correction happened as TRX entered a pattern called a rounding bottom. During this moment, the token went on a magnificent roller-coaster ride. While the token searches for support at a higher level during the consolidation phase, the TRX coin is currently attempting to cling onto its upper range.

At $0.06117 CMP, Tron’s market value is down 0.98% from yesterday. The amount of transactions declined by 6.55% throughout the day. This shows that bears are attempting to group together to watch the token disintegrate. The volume to market cap ratio is 0.05997.

Source: TRX/USD by TradingView

On the daily price chart, the TRX coin price is attempting to break out of the range-bound region. The token aims to buck the upward trend in token values. The price of one TRX unit has consistently ranged between $0.058 and $0.065. The volume shift needs to be bigger than typical in order to move TRX outside of the range. The trend might be rejected by bears, who would then drive the token in a new direction.

What do Technical Indicators suggest about TRX?

Source: TRX/USD by TradingView

TRX is increasing close to the top trendline of the consolidation period on the daily price chart. The cryptocurrency needs to be moving strongly in the bullish direction in order to break through the range-bound area. Technical indications demonstrate the coin’s sideways movement.

The strength of TRX’s sideways movement is indicated by the Relative Strength Index. The RSI is neutral at 50, where it is level. The TRX coin’s bullish momentum is visible on MACD. After a positive crossover, the MACD line is higher than the signal line. TRX investors must monitor the daily chart for any shifts in trend.

Conclusion

The price of Tron underwent a number of notable variations throughout the course of a single day. On the daily chart, the cryptocurrency initially entered a downward channel before attempting to reverse direction inside an adjacent ascending channel. Then, another correction happened as TRX entered a pattern called a rounding bottom. During this moment, the token went on a magnificent roller-coaster ride. The price of one TRX unit has consistently ranged between $0.058 and $0.065. The volume shift needs to be bigger than typical in order to move TRX outside of the range. After a positive crossover, the MACD line is higher than the signal line. TRX investors must monitor the daily chart for any shifts in trend.

Technical Levels

Support Level: $0.058 and $0.055

Resistance Level: $0.062 and $0.065

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.   


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