TRON Price Analysis: TRX Price breaks out from Descending Channel, Bullseye the target of $0.064

  • TRX Price continues its 8-day bullish streak as evidenced by the 23% surge from the bottom support 
  • The press time price of TRX/USDT is $0.061 established on the back of a 3% increase in the past 24 hours
  • The number of daily transactions on the Tron Network recorded a new high on July 28th 

TRX Price needs to reclaim the support of $0.061 to aim higher 

Tron’s impulsive rebound staged a recovery of 23% from the support cushion of $0.04. The impressive eight-day bullish streak might face confrontation from the overhead resistance of $0.064, which is also bolstered by the 50 EMA. 

Unlike most crypto assets which are facing confrontation after the reversal, TRX Price continued its recovery phase. Presently trading below the clutches of the 50 EMA, the bulls demand a decisive close above the support of $0.061. The current price level marks an important reclamation zone, also necessary for the continuation of an uptrend. 

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The fact that the price action formulated a clean breakout from the Descending Channel Pattern suggests that the upper hand is in the court of the bulls. Nonetheless, it is also plausible to presume that the confrontation from the 50 EMA will trigger a pullback. In the occurrence of this scenario, TRX Price can sink to the 20 EMA, in the event of re-inspection. 

While the hope of the 20 EMA stays alive, the Relative Strength Index has broken out from the equilibrium zone and is presently hovering inside the range of 54. The breakout has formulated bearish divergence on the charts, thus threatening a pullback. 

TRX/USDT on TradingView

The number of daily transactions on the TRON Network recorded a new ATH 

On July 28th, TRON Foundation took to Twitter to report that the number of daily transactions on the network is shooting through the network. Justin Sun, the CEO of Tron, took pride in adding that the network has hit the milestone of 30 Billion Transactions.

In addition to setting an ATH in terms of transactions, the network claims the TRC20/USDT pair to be the best stable coin with immediate transaction fees on the Tron Network. To celebrate this record high, a total of 500,000,000 TRX will be distributed to fans throughout the globe. 

SUPPORT : $0.061, $0.055

RESISTANCE : $0.064, $0.070

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Malishka Velani
Malishka Velani is a crypto enthusiast and 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

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