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
- Is Do Kwon’s Terra Recovery Plan Part Of A “Kill Switch” Protocol?
- This Top-50 Crypto Jumped 28% This Week Despite A Market Crash
- Goldman Sachs: Crypto Drawdown Will Have Little Impact on U.S. Economy
- Just-In: Ethereum Merge Most Likely In August, Says Vitalik Buterin
- Beware, Bitcoin Jumping Back Above $30,000 Could Be A Dead Cat Bounce, Here’s why
- Terra Ecosystem Announces Some Key Amendments to Its Revival Plan
- Breaking: Stablecoin Tether ($USDT) Reveals Reserves Fully Backed In New Report
- LUNA Crash: Blockchain Firm Losses $3.5 Billion As Terra (LUNA) Crumbles
- SWIFT Plans To Interlink All CBDCs, Here’s Why
- Breaking: Ripple (XRP) Throws In $100 Million To Cut Down Carbon Emission
- Bitcoin Price Analysis: BTC Price Strikes $30000; Breakout Or Fakeout?
- TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout
- KuCoin Price Analysis: Low Volume Rally Hints Pullback Opportunity in KCS
- Polkadot Price Analysis: Bull Trap May Drag DOT Price To $7.3 Mark
- APE Price Analysis: Triangle Breakout Eyes 55% Rise in APE
- 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