Home
News
- The TRX price has started rallying bullishly after a strong downtrend movement over the daily price chart.
- The market is recovering now and the technical indicators are bending over a bullish rally further.
- The TRX/BTC pair is at 0.000003249 which is a gain of 3.05% in it.
The TRX price is flying over a strong uptrend movement after a huge price drop over the daily price chart. The bulls are dominating the market currently and the price has gained 13% in the past 7 days and is still gaining. To speed up this recovery the coin needs to attract more buyers which will create a strong base for the TRX price. Whereas the TRX volume is still at a decrease of 9% over the intraday trading session which needs to be revised to prevent the backlash.
The strong downtrend movement created the demand zone in which the investors find a good opportunity to make an entry into the market. This recovery was necessary as the bears made the price fall below the crucial support of $0.050. Now the investors can think calmly about their next move.
The current price for one TRX coin is trading at $0.07 which is a gain of 1.80% in its market capitalization in the last 24 hrs. The coin has a trading volume of 598 million which is at a loss of 9.82% in the 24 hrs trading session and a market cap of 6.4 billion. The volume market cap ratio is 0.09237.
What do Technical Indicators Suggest?
The TRX volume is still moving below the average. The MACD indicator is indicating a bullish run ahead as the buyers line is moving above the sellers showing the domination of the buyers which is pumping the price and expected to do further. The relative strength index after an oversold took a straight flight and now is approaching the overbought. The RSI value is above 55.
But the investors must take a count on the Bollinger band as the price just approached the upper level of the BB cloud.
Conclusion
The TRX price is flying over a strong uptrend movement after a huge price drop over the daily price chart. The strong downtrend movement created the demand zone in which the investors find a good opportunity to make an entry into the market. To speed up this recovery the coin needs to attract more buyers which will create a strong base for the TRX price. The technical indicators majorly are in favor of a bullish rally ahead.
Technical levels
Resistance levels: $0.069 and $0.078
Support levels: $0.066 and $0.061
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.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
