Buy $GGsTron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
For more than a year, the Tron (TRX) price bounded within a descending trendline pattern. Furthermore, on June 15th, the coin price rebounded from the $0.5 neckline and triggered a new bull cycle. The recovery rally aims for a 24% rise before hitting the descending trendline.
Key points
- The TRX buyers are trying to rise above the $0.065 resistance
- The TRX chart shows a bearish crossover of the 20-and-50-weekly EMAs
- The 24-hour trading volume in the TRON coin is $793.6 Million, indicating a 10.15% hike.
Source-Tradingview
Since the TRX/USDT pair reverted from the $0.18 high in April 2021, the price action has been wavering within a descending triangle pattern. The coin price has thrice tested the descending resistance trendline and $0.05 neckline support, indicating the traders respect the pattern’s levels.
Amid the second and third-week sell-off, the TRX price gave its third retest to the $0.05 mark and bounced back immediately as the market sentiment started to ease. The current bulls cycle initiated from the mentioned support propelled the altcoin 48.63% higher to its current level of $0.0694.
The sustained buying should allow the TRX price to surpass the $0.073 mark and retest the dynamic resistance trendline. A possible trendline reversal would encourage the resumption of the consolidation phase within the pattern.
Furthermore, the descending triangle pattern is a bearish continuation pattern and could threaten a $0.05 support breakdown to continue the prevailing downtrend.
Technical indicator
EMAS: The 20-and-50-weekly EMA’s wobbling around the $0.075 resistance puts additional selling pressure on TRX traders and could stall the upward rally to the resistance trendline.
RSI indicator: However, the daily-RSI slope shows a bullish divergence concerning the last two retests to $0.05. This divergence may indicate the pattern holds the possibility of trendline breakout.
- Resistance level- $0.075 and $0.088
- Support levels- $0.058 and $0.05
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