Home
News
- TRX/USD bounced from a low of $0.11 to a high of $0.12 in Friday’s intraday session
- The TRX/BTC pair is trailing at 0.0000024 BTC with a gain of 2.05% at press time
- TRX got added to the PancakeSwap pool on May 8th
Most of TRX’s price on the daily time frame has been maintaining its bullish bias as evidenced by price action being restricted inside the symmetrical triangle pattern. The price of TRX bounced from the critical support of $0.10 to see gains of 3.4% in today’s session.
However, the 20 EMA(yellow) is intervening with the uptrend by acting as a temporary resistance to the token. Even though the current price action of TRX remains prevalent inside the symmetrical triangle pattern, we cannot channel out the possibility of a double top pattern. The inability of the price to sustain above the long-term support region will plunge TRX back to April’s support level and invalidate the bullish scenario.
The stochastic RSI entertaining a bullish crossover on the daily frame would be a game-changer and a confirmation that the bulls have stepped up.TRX is currently ranked #21 with a live market cap of $8,969,134,600 and a market dominance of 0.39%.
TRX projects indecisiveness on the 4-hour chart.
The 4-hour chart of TRX forecasts the token’s inability to maintain a consistent price action. On the contrary, the overall price action seems to be confined inside a parallel channel suggesting the continuation of an existing trend.
At present, the price of TRX is sitting exactly at $0.12 (FIB 0.38) intending to head towards the critical resistance of $0.14 (FIB 0.618). Such a movement would validate the inverse head and shoulder pattern and could potentially allow TRX to explore new highs.
On the downside, the 20 EMA crossing below the 200 EMA would be a potential threat as a consequence of the EMA’s demonstrating a death cross scenario.
The RSI (bullish) has gradually headed towards the equilibrium zone after signalling signs of bullish divergence.
MACD on the other hand has transpired a bullish crossover with the histogram exhibiting a bullish trend.
TRX claims to be the most energy-efficient network for blockchain and crypto transactions
Just yesterday, TRX CEO – Justin Sun took to Twitter to give Elon Musk a substitute for his environmental advocacy in guiding crypto adoption for Tesla. He did that by claiming that TRX is the most energy-efficient platform and consumes way less than 1% of Bitcoin’s energy burn. He also added that TRX is the most active platform in terms of crypto payment averaging around 10 million transactions per day, supported by the largest stable coin USDT.
SUPPORT : $0.10
RESISTANCE : $0.15 and $0.18
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
