With Bitcoin losing $30000 support and a massive collapse in LUNA and UST stablecoin price, the crypto market has witnessed outraged selling over the past week. However, battling the broader market sentiment, TRON(TRX) price went through a volatile phase to prevent some major losses.
Key points
- The TRX chart reflects 20% in the last four days.
- The TRX price shows long-tail rejection at $0.072 support
- The 24-hour trading volume in the TRON coin is $3.4 Billion, indicating a 1.2% gain
Source-Tradingview
After the late January bloodbath plunged the TRON(TRX) price to a low of $0.05, the buyers struggled hard to surpass the $0.075 support. Thus, the coin price experienced nearly a four-month consolidation phase, limiting the price activity to $0.075 and $0.05.
Furthermore, on May 4th, the TRX price gave a massive breakout from the overhead resistance($0.075), suggesting the accumulation phase is over. However, the negative sentiment spread across the crypto market stalled the coin rally to the $0.09 mark.
Moreover, the TRX price was struggling to sustain above the $0.072 mark with the increased selling pressure, resulting in a highly volatile week for TRON traders. However, today the coin price is down by 5%, and reattempts to breach the base support($0.072).
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If the sellers succeed, the TRX price will drop 18.5% to revisit the March-April bottom support($0.058).
Conversely, if buyers revert the coin price above the $0.072 mark with a daily-candlestick closing, the possibility of soaring above $0.09 remains on the cards.
Technical indicator
The daily-RSI slope at the neckline of equilibrium suggests a make-or-break situation for the TRX price.
The crucial EMAs(20, 50, 100, and 200) concentrated just below the $0.72 trying to prevent support breakdown. Moreover, a bullish crossover among the 50-and-100-day EMA would bring additional buying into the market
- Resistance level- $0.0825 and $0.09
- Support levels- $0.072 and $0.058
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