TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
Another attempt from TRON (TRX) buyers to surpass the crucial resistance zone at the $0.075 mark stands against formidable selling pressure. Considering the increased recovery momentum helps the daily candle close above the supply zone, a boom in buying pressure will be observed. But will buyers undermine the selling pressure or is it just another failed attempt to trap naive buyers?
Key points
- The TRX price has increased 4.16% in the last 24 hours.
- The TRX market value surpasses the 200-day EMA.
- The 24-hour trading volume in the TRON coin is $1.029 Billion, indicating an 8.10% hike.
Source-Tradingview
The TRON (TRX) price showcased a phenomenal bullish reversal in the first week of April accounting for a 38% jump. The bullish surcharge reached $0.085 before succumbing to the increased selling pressure over the market and the LUNA incident.
The downfall undermined the bullish recovery within four days and reached the 50-day EMA. At this bullish support, the TRX prices stabilized and shows constant attempts from buyers to surpass the $0.075 resistance zone.
However, the evening star forming in the 4-hour chart leads to a higher price rejection in the daily candle. This lowers the possibility of a bullish breakout and indicates a higher likelihood of a sideways shift in price trend.
Moreover, the falling trend of the intraday trading volume reflects a high number of high-leveraged positions exiting during the reversal. This removes points from the bullish attempt theory as the breakout candle must showcase high volume support to sustain the prolonged uptrend.
Looking from a bearish point of view, a downslide below 50-day EMA will unleash trapped momentum resulting in a fall to $0.065.
Technical indicator
Source-Tradingview
The crucial daily EMAs indicate a higher likelihood of a golden crossover as the 50-day EMA grows under bullish influence.
Coming to the momentum indicators, the MACD and signal lines surpass the zero line with a bullish alignment in the 4-hour chart.
- Resistance level- $0.074 and $0.088
- Support levels- $0.057 and $0.053
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