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- Currently, an uptrend movement is being surfed by the TRX price over the daily price chart.
- The crypto asset is moving above the 20, 50, 100 and 200 days moving average.
- The TRX/BTC pair is at 0.000002895 BTC with an inconspicuous gain of 0.28%.
The TRX price is now surfing over the waves of an uptrend movement over the daily price chart. These waves signify the bulls and bears both are influencing the price but no one is able to establish a complete dominance over the market. The traditional crypto currency BTC is supporting the buyers as its price surged over the 24K mark and this is giving an uplift to the rest of the market.
The TRX price has gained approx 13% in the period of 5 days and is still not enough to cover the investors losses. So still the coin needs to attract buyers in order to make this recovery process fast. The price was at a lower low of $0.068 and is surging continuously amid the activity of buyers.
The current price for one TRX coin is trading at $0.071 which is at a gain of 3.46% in its market capitalization in the last 24 hrs. The coin has a trading volume of 557 million which is at a loss of 22.18% in the 24 hrs trading session and has a market cap of 6.5 billion. The volume market cap ratio is 0.08501.
Short-term View of TRX
The short term analysis (4 hrs) of TRX price chart shows a strong uptrend movement is carrying the price.
The price moving over the uptrend movement is now overbought as indicated by the relative strength index and now sellers are activating which have begun to push the price. The MACD supporting the uptrend shows the buyers line is moving above the sellers signal line along with the support of green histograms. The RSI value for TRX is nearly equal to 70. The ones who are waiting to enter the market need to wait for some time.
Conclusion
The TRX price is now surfing over the waves of an uptrend movement over the daily price chart. The traditional crypto currency BTC is supporting the buyers as its price surged over the 24K mark. The recovery is not enough so the coin needs more buyers in order to speed up the process. The technical indicators over the hourly and daily chart calls for a bullish movement ahead.
Technical levels
Resistance levels: $0.068 and $0.063
Support levels: $0.076 and $0.078.
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.
