The failed attempt from the TRON (TRX) buyers to escape the range-bound rally indicates a potential downfall to the $0.057 mark. The $0.075 fallout brings a short opportunity for interested traders to take an 18% target. Can the concentrated EMAs stall the upcoming freefall?
- The TRX price has lost 16% since the last week
- The TRX chart shows a potential bearish crossover of 20-and-200-day EMA
- The 24-hour trading volume in the TRON coin is $1.77 Billion, indicating a 21.5% loss
The TRON(TRX) price has resonated in a horizontal channel since the beginning of 2022. During the consolidation phase, the coin comfortably bolstered itself at the $0.057 support making several attempts to push its way through the $0.0748 resistance.
The constant accumulation of buyers over the past five months and their efforts to break the horizontal channel finally saw success on 4th May and reached a high of the $0.9 mark.
However, the buyers couldn’t sustain this breakout amidst the recent crash in the crypto mark and succumbed to the daunting horizontal channel once again. The TRX price currently trades at $0.716, with an intraday loss of 3.51%. The support fallout suggests the TRX price would descend 18.7% lower to retest $0.057 support.
On a contrary note, all this fuss has accumulated the crucial EMAs(20, 50, 100, and 200) near the $0.075 mark, which may interrupt further downfall and push the price back above $0.75
The TRX/USDT pair pierced through the midline of the Bollinger band indicator gives additional confirmation for descending to the lower support band situated near $0.57.
The vortex indicator shows the VI+ and VI- slope is poised to bearish crossover. This sell signal may bring additional sellers and bolster the expected 18% fall.
- Resistance level- $0.074 and $0.088
- Support levels- $0.057 and $0.053
- Whales Eye Litecoin Ahead Of Major Update, Here’s Why
- Just-In: Robinhood Now Supports Web3 Wallets And NFTs
- U.S. Is Winning Bitcoin Mining Race But China Still Not Out Of Picture: Report
- Stablecoin Meltdown: This Token Loses $7 Billion Within A Week
- Just-In: Polygon (MATIC) Releases Nightfall Mainnet Beta; Here’s Why It’s A Big Deal
- Ripple (XRP) Price Jumps Over 4%, Here’s Why
- Coinbase Cuts Down Hiring After Q1 Losses Hit $420 Million
- Shiba Inu (SHIB) Price Soars 6% In A Day, Here’s Why
- KuCoin Lists $UST Crisis Born Stablecoin $USDD; Details
- WOO Network Halts Terra’s LUNA Trading Just Hours After Relisting It
- Ripple Price Analysis: XRP Price Remains Pressured Below $0.45
- EGLD Price Analysis: Decreasing Volume Hints EGLD to Reverse from $75
- Cardano Price Analysis: ADA Price Prepares For 22% Jump; Are You Holding?
- Bitcoin Price Analysis: BTC Price Holds Above $30,000; Opportunity To Buy?
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?