Published 51 mins ago
Last week’s crypto crash took a significant toll on Tron’s (TRX) price and plunged it to a low of $0.047. This downfall registered a 45.5% loss in just two weeks but failed to sustain below $0.057 support. Furthermore, the altcoin has been trying to sustain above the $0.057 mark over the past three days, which may trigger a minor pullback.
- The TRX buyers are trying to sustain above the $0.575 support
- The TRX chart shows a death crossover of the 50-and-200-day EMA
- The 24-hour trading volume in the TRON coin is $793.6 Million, indicating a 10.15% hike.
During the last supply dump, the TRX/USDT pair fell dramatically from $0.090 to the $0.050 mark. However, the lower price rejection led to a reversal of the rally, retesting the $0.065 breakout.
The reversal rally quickly loses the bullish trend momentum resulting in a sideways trend between $0.057 and $0.065. The daily candles showcase long-range formation over the last couple of days, reflecting an indecisive trend.
The higher price rejection in today’s daily candle sabotages the possible morning star forming in the price chart. This lowers the possibility of a bullish reversal and indicates a higher likelihood of the downtrend cracking under $0.050.
The fallout rally surpassing the psychological mark of $0.050 will lead the TRX prices to the $0.046 mark.
Conversely, looking from a bullish point of view, an upside rally will lead to the $0.7 mark, accounting for a 13.8% price jump.
The daily-RSI slope escapes from the oversold region while price action trying to sustain above the $0.0576 support promotes a bullish pullback in the near term.
However, last week’s drop in TRX prices left the moving average quiet behind the road. Furthermore, the 50-and-200-day EMA is on the verge of a death crossover, encouraging additional selling in the market.
- Resistance level- $0.067 and $0.075
- Support levels- $0.057 and $0.05
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.