en
Back to the list

TRX Technical Analysis: Buyers Face Another Rejection $0.070

source-logo  cryptoknowmics.com 23 April 2022 10:22, UTC

TRX coin price shows a sharp reversal led by the profit bookers exiting at the resistance confluence of the 200-day EMA and $0.070.  Key technical points:

  • TRX prices fail to surpass the $0.070.
  • The MACD and signal lines give a bullish crossover.
  • The 24-hour trading volume of Tron is $1.233 Billion, marking a 68% fall. 

Past Performance of TRX

TRX coin price shows a bullish offshoot reaching the resistance confluence of the $0.070 mark and the 200-day EMA. However, the sharp increase introduced a spot for profit booking resulting in a sharp fall of 5.83% within a day, forming a bearish piercing candle. The downfall reaches the 100-day EMA and hopes for a bullish reversal. TradingView Chart Source-Tradingview

TRX Technical Analysis 

TRX token price holds the $0.065 mark and shows a potential reversal to retest the resistance zone. However, the trend must sustain above the 100-day EMA to show recovery in the upcoming sessions. The daily chart's bearish alignment of the crucial EMAs reflects a gradual bullish rise, with the 100-day EMA providing support. However, the collapse of the supporting EMA will ensure a fall to the 50-day EMA. RSI Indicator: The RSI slope reflects a bullish reversal from the nearly overbought zone representing a boom in the underlying buying pressure. Moreover, the 14-day average line shows a bullish reversal after a sideways trend. MACD Indicator: The MACD and signal lines maintain an uptrend after the bullish crossover and surpass the zero line. Hence, the indicator shows a rise in the underlying bullishness.  In a nutshell, the TRX technical analysis shows a potential reapproach at the $0.070 mark.

Upcoming Trend 

TRX coin price projects a high possibility of a bullish reversal as the downfall halts at the 100-day EMA and reprises hope for a catapult rise. However, closing below the supporting EMAs will nullify the bullish thesis and result in a fall to the $0.063 mark.  Resistance Levels: $0.071 and $0.077 Support Levels: $0.063 and $0.058  

cryptoknowmics.com