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- The market is making a green move as the uptrend winds are increasing over the daily and hourly chart.
- The investors need to be alert as the short-term analysis warns the bearish movement can return.
- The TRX/BTC pair is at 0.000003028 BTC which is at a gain of 5.61%.
The TRX price is now surfing at a strong uptrend over the daily chart, it looks like the investors find the dip as a good opportunity to make a swing entry into the market. The TRX bulls’ consistent efforts paid off and the market is making a green move which is a sign of relief to the investors and traders. These winds of uptrend movement are dominating the bears and the TRX price is following the BTC upto some extent, this bullish rally was much needed for the coin as the price fell below the crucial support of $0.05 now this bullish run must continue so the coin can sustain over the market.
The TRX price for one coin is currently trading at $0.068 which is at a gain of 5.72% in its market capitalization in the last 24 hrs. The coin has a trading volume of 579 million with a massive gain of 42.21% in the 24 hrs trading session and a market cap of 6.3 billion. The volume market cap ratio is 0.08956.
Short-term Analysis
The short term (4 hrs) analysis for TRX shows the same uptrend movement as we observed over the daily chart. This uptrend movement can be reversed as the price made a cross over the upper side of bollinger band cloud which is an indication for a downfall.
Whereas the MACD indicator indicates a bullish runas the MACD line made a positive cross over the MACD signal line with the green histograms. On the contrary, the relative strength index is just about the breakthrough the overbought region which is always followed by an increase in selling pressure. So the investors need to be alert while making any move.
Conclusion
The TRX price is now surfing at a strong uptrend over the daily chart, as investors find this dip as a good opportunity to make a swing entry to the market. These winds of uptrend movement are dominating the bears. While the technical indicators are screaming for a bearish turn may show up so the investors need to be prepared.
Technical levels
Resistance levels: $0.072 and $0.075
Support levels: $0.063 and $0.058
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
