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?
- 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.
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.
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
- Shiba Inu Emerges As Top Choice Of ETH Whales; Here’s Why
- Just-In: Shiba Inu Will Release New Token, Here’s How To Earn It
- Breaking: China Court Rules Restrictions On USDT, Here’s Why
- After Market Turmoil, USDC Issuer Circle Comes Clean Hinting No Liquidity Risks
- Just In: More Trouble For India’s Crypto Ecosystem With Latest Enforcement
- Is Celsius (CEL) Next To File Bankruptcy After Voyager, Three Arrows
- Bitcoin Hovers Around 20K; Will It Recover?
- Lido Staked ETH (stETH) Close To Ethereum Price, Why It’s Good For Crypto
- Ethereum (ETH) Recovery To $1.1K A Dead Cat Bounce, Here’s Why
- In June 2022, Bitcoin (BTC) Recorded the Worst Monthly Performance In History, Now What?
- MANA Price Analysis: Will Triangle Breakout Propel Market Price by 40%?
- Solana Price Analysis: Emerging Pattern May Bolster SOL Above $42.5
- BNB Price Analysis: Wedge Pattern Breakout Aims BNB to Surpass $300
- APE Price Analysis: $5.6 Breakout May Trigger Bullish Reversal pattern
- CRV Price analysis: Rising $CRV Knockout $0.86 Resistance; is $1 Next?
- Polygon Price Analysis: 20 EMA Resistance Pressurize MATIC for $0.45 Breakdown
- THORChain Price Analysis: Reversal Pattern Aim RUNE Price to Hit $3.4
- Sandbox Price Analysis: Cup & Handle Pattern Aims SAND to Reach $1.5
- AVAX Price Analysis: Breakout Rally Eyes $22.1 Mark; Buy Now?
- Cardano price Analysis: ADA Price Nearing Triangle Breakout Eyes $0.655