- The TRX could see a temporary rally in the short term as it breaks from its downtrend. This would create more bullish sentiment towards a recovery.
- TRX appears strong both in low and high-timeframes.
- Following the formation of a downward triangle, TRX’s price bursts on the daily timeframe.
Tron (TRX), despite being bullish on tether USDT (USDT), has had difficulty staying bullish after its price was rejected at $0.11 multiple times to trend higher. Tron (TRX) despite its popularity among Tron’s community, has seen its share of bear runs and rumors about its separation from the USSD fiat token USSD. Tron (TRX), with the market currently looking promising, could be making big moves. Data from Binance
Tron (TRX), Price Analysis on The Weekly Chart
This month brought more relief to most crypto projects. Altcoins like BTC, ETH and even XRP continue to demonstrate strength after weeks with a downtrend.
TRX prices have struggled to remain bullish. They fell from a high at $0.11 to a low of $0.05 per week. However, the price appears to be more stable now that the price seems ready to rebound from this area.
Following a $0.05 bottom, TRX prices bounced quickly from the region. The price rose to $0.07 at the highest as more people rejected the idea of turning this zone into a support area for the TRX price.
TRX’s weekly closing price was bullish before a new week. The price opened with more bullish sentiment. We could witness a retest in the $0.1 region if the TRX price structure is maintained.
Weekly resistance for the price of TRX – $0.1.
Weekly support for the price of TRX – $0.06.
TX Daily Price Analysis (1D) Chart
According to the daily price frame, crypto market price price is still bullish. It holds support at $850 billion (850B); this has helped all altcoins except TRX. The price of TRX shows greater strength and can rally. TRX price broke from its declining triangle in the daily price frame, and the price is ready to rally to $0.1-$0.11.
After converting this support to TRX, Haven has reclaimed both the 20 and 8-day Exponential Moving Averages. The BTC price could rise if it remains stable. Support values for the 8-day EMA and 20 day EMA are what support $0.061
Daily resistance for the price of TRX – $0.07-$0.1.
Daily support for the price of TRX – $0.06-$0.055.
Featured image from zipmex. Charts From Tradingview