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The Tron (TRX) price wobbled between the $0712 and $0.067 barriers for nearly two months. This breakdown from the bottom support indicates the end of the prior correction, and sellers may extend the correction. Can the direction rally hit the $0.058 mark?
key points from TRX analysis
- The long-tail rejection candle at $0.067 resistance indicates high intense supply pressure
- The flattish EMAs(20, 50, 100, and 200) indicate a sideways market
- The 24-hour trading volume in the TRON coin is $653.5 Million, marking a 73.5% hike.
Source-Tradingview
On August 26th, the TRX price gave a decisive breakdown from the $0.064 support, indicating the end of two months consolidation phase in the seller’s favor. However, the prices were stuck in the retest phase and could never follow up on support breakdown.
With the Bitcoin buyers attempting to reclaim the $20000 mark, the TRX buyers pushed the prices above $0.064. Though the buyers showcased their strength with 73.5% pump-in volume activity, the prices faced supply pressure at the $0.0675 resistance.
Also read: Tron Energy Usage Way Too Less Than Top Cryptocurrencies: Latest Report
As a result, the TRX price reverted immediately and formed a long-wick rejection candle. This price rejection indicates the buyers struggle to sustain above the higher levels. Thus, if the selling pressure persists, the daily candle may close below the $0.064 mark.
With this, the range breakdown would get complete and tumble the TRX price 9% lower to hit $0.058.
On a contrary note, if the daily candle closes above t0.064, the buyers take a second attempt to rise above the $0.0675.
Technical indicator
Bollinger band indicator: The prices showcase a bullish reversal from the supporting Bollinger band, projecting the possibility of a positive turnaround in the Bollinger bands.
Vortex indicator: the VI+ and VI- slopes project a possibility of a trend reversal crossover as the market value increases.
- Resistance levels- $0.0645 and $0.0675
- Support levels- $0.058 and $0.52
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