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- TRX’s price is currently trading at $0.06635 while seeing a change in 24-hour trading volume of 64.5%.
- TRX’s price is seeing a decline of 12.40% in the last 24 hours.
TRX’s price has been trading on an overall bull trend since mid-November. Though as of now the price of TRX is trading within a consolidation channel indicating indecision among the investors. The price has been consolidating within a channel for over a month hence a breakout is long overdue. The chances of a breakout being made in a bullish direction are more prominent as the price is trading in the demand zone above the major EMA’s.
The price is trading near the price of $0.06500 within a narrow range. According to the previous price action the price is trading near its supply zone. Though the price has been gaining significant support from the 20,50,100,200 EMA’s on the daily timeframe. The oscillators are in bullish favor trading near the demand zone. Therefore, despite the historical price action the price presents a bullish outlook for near future.
The TRX price is consolidating around the supply zone on the (Daily Timeframe)
Following a bearish downfall of 23% near mid march, the price made a bullish hammer pattern at a price of $0.05500, and with buyers’ strong support, TRX price saw a bullish rally of 20% After which it started consolidating in the supply zone around 50 EMA. Facing rejection, the price made a correction of 14% percent after which it started trading under a consolidation.
Technical Analysis ( 1 Day Timeframe )
The overall market sentiments are currently moving in the greed zone, according to the greed and fear index, near 56 points. It is seeing sharp a decline of 12 points within the last week where the market sentiments were around 68 points. According to Alternative(dot)me, the TRX price is currently being dominated by the bears across most of the major cryptocurrency exchange platforms.
The RSI line has recently crossed above the 14 SMA and is currently taking resistance from the median line around 52.64 points. The present value of the 14 SMA line is 51.26 points. If the RSI crosses above the median line with the strength it will give a bullish indication for the price.
Conclusion
The buyer’s sentiments regarding TRX price at present are bullish. The Stochastic RSI has already taken a reversal from the demand zone of 5.23 points. The %K line is giving a bullish interception to the %D line near 19.83 points.
Technical levels –
Support -$0.06000
Resistance – $0.07000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
