Tron Price Analysis: The TRX Coin Preparing For The Recovery Phase With Eyes On The $0.123 Mark
The second half of November month eliminated all the gains the TRX coin gathered during October. With this recent price fall, the coin lost around 33% and plunged to the previous higher low of $0.081. However, the coin price is trying to bounce back from this support, aiming at the overhead resistance of $0.123
Key technical points:
- The TRX price obtains dynamic resistance from the 20-EMA line
- The intraday trading volume in the TRX coin is $1.68 Billion, indicating a 6.44% loss
Source- TRX/USD chart by Tradingview
The last time when we covered the TRX/USD, the coin price was trying to retest the previous swing high resistance of $0.123. However, the price couldn’t give a proper breakout from the overhead resistance and instead faced intense pressure and initiated another retracement phase.
With this bearish reversal, the coin price started dropping lower and ended up losing 33% in almost one month. Anyway, the price was plunged to the $0.082 mark and is currently trying to obtain proper support from this level.
The crucial EMA levels(20, 50, 100, and 200) states a bearish sentiment of this TRX since its price is trading below the trend defining 100 and 200 EMA. Moreover, the 20 EMA provides dynamic resistance to this coin and provides a bearish crossover with the 200 EMA.
The Relative Strength Index(45) indicates a slight neutral or bearish sentiment as its line moves below the neutral zone.
TRX/USD 4-hour Time Frame Chart
Source- TRX/USD chart by Tradingview
The TRX coin initiates a bullish reversal from its $0.08 support and is currently trying to reclaim the nearest horizontal resistance level of $0.09 and the 200 EMA. However, As mentioned, the coin has another barrier of dynamic resistance of 20 EMA, and the price has to knockout this level as well to better confirm a rally.
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