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- 1 TRX price marks for a consolidation phase, after a hyper-volatile market.
- 2 Massive burns are being made by the Tron community to reduce inflation.
The Tron community has set on a mission to bring inflation down in TRX price, by burning bulk amounts of coins. The community takes a significant step towards sustainability by reducing inflation and circulating supply with a massive 11 billion TRX burned since October 2021. Till now, the community has burned coins worth $733.10 million. The simultaneous burning or TRX, made its price form a consolidation channel, which may soon witness a breakout.
Burning Sensation for TRX
TRX price formed a descending triangle pattern with the latest price action consolidating. The price action occurred above the EMA ribbon and gave bullish signals. The Bollinger Bands contracted to show declining volatility with contained price movement. TRX price may mark a bullish breakout once it breaches the resistance near $0.06770 and aims for higher price ranges. The volume declined with consolidating prices and suggested falling interest in the market. The uptick in OBV suggests a favorable market for Tron which can turn bullish soon.
TRX price continues to move in bullish momentum. The Super Trends suggest a prolonged bullish trend, which was interrupted by a brief interval of downtrend, which quickly moved back to being bullish again. The MACD formed a positive crossover and recorded buyer interaction for Tron. The RSI rose from the half line and suggested a gradually growing buyer interest. The indicators in the daily time frame suggest a bullish swing in TRX price.
A Smaller Window
TRX price in the smaller time frame formed a rising pattern, along with consolidating within the bounds. The Super Trends show a consistent bullish trend for Tron which may continue for the coming days. The RSI rose from the average mark to 60-range and suggested a rise in buyer engagement. The MACD recorded almost equal participation by sellers and buyers, and currently forms a positive cross along with ascending buyer bars. The indicators in the smaller time frame indicate a strong bullish signal for TRX price.
Conclusion
TRX price is likely to witness a bullish breakout after it breaches the resistance near $0.06770. The price can aim for levels higher than $0.070, and try to establish a solid bullish momentum. The daily time frame indicators suggest a bullish swing and in a smaller time frame, the bullish indications strengthen and mark the initiation of the phase.
Technical levels
Support levels: $0.06355 and $0.05970
Resistance levels: $0.06770 and $0.06975
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish 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.
