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- TRX/USD kicked off today’s session by bouncing from a low of $0.64 to a high of $0.93
- The TRX/BTC pair is trailing at 0.000003152 with a loss of 4.62% at press time
- TRX price action is submerged between the 100MA and 200MA on the daily frame
BTC’s widespread sell-off had thrown the majority of the altcoins under the bus including TRX, which witnessed a decline of 50% in Wednesday’s intraday session.
TRX’s bearish momentum was anticipated on account of the price action devising a bearish double top pattern. The current price of TRX is roughly sitting at the neckline of this pattern with a gain of 9.34% at press time.
A brief observation on the daily chart suggests a revival mode for TRX which was confirmed after the formation of a Bullish Harami pattern.
For TRX to maintain its bullish recovery phase, it needs to steer clear of the 100 MA(yellow) which is currently acting as a critical resistance to the token. Despite TRX’s significant efforts in projecting recovery, a bearish impending crossover between the 20 MA(blue) and 50 MA (read) could potentially forecast an accumulation phase.
On the contrary, the Stochastic RSI on the daily chart is on the verge of entertaining a bullish crossover after three weeks.
TRX on the brink of entering the descending parallel channel on the 1-hour chart
The 1-hour chart highlights the fact that TRX had been steadily maintaining a sluggish momentum inside the descending parallel channel. However, the price action exhibited extreme volatility this week causing the price to plunge below the continuation pattern.
Nevertheless, TRX bulls are determined in diverting the price action back inside the pattern. As a result of the bulls stepping up, it now appears that TRX is on the threshold of entering this channel.
TRX has already tackled the critical resistance of $0.086 (FIB 0.236) and might retrace down to retest and flip that particular level into support.
The technical indicators have reclaimed their bullishness as evidenced by the MACD which transpired a bullish crossover earlier today. The crossover escorted the histogram back into the positive territory.
The RSI on the other hand has entered the equilibrium zone after displaying bullish divergence.
Huobi Global discloses its first project APENFT which is built on ETH and TRX network
APENFT’S prime objective is to transform art pieces that were once an elite-exclusive item into something that belongs to everyone. Huobi Global took pride in announcing that the project is built on ETH and TRX network and powered by the world’s largest distributed data systems.
SUPPORT : $0.056 , $0.086
RESISTANCE : $0.13, $0.18
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
