TRX Price May Hit Trendline Support Before a 25% Rally

TRX price gradually rises in a parallel channel pattern, where the current bear cycle discounted the coin by 17% and plunged below $0.067 support. Today, the TRX price is up by 5% in an attempt to regain its support. However, the aggressive sellers pressure the coin price to extend the correction.

Key points

• The TRON price struggles to breach the $0.67 resistance.
• The 200-day EMA stalls the price recovery
• The 24-hour trading volume in the TRON coin is $1.39 Billion, indicating a 92% gain

Source-Tradingview

Since the early January bloodbath, the TRX price has witnessed a range-bound rally restricted within the two ascending trendlines. The altcoin has displayed two swing highs at the resistance trendline, whereas three swing lows at the support trendline.  

The recent launch announcement of decentralized stablecoin-USDD on April 21st triggered a 14% pump and barely touched the overhead trendline. However, the intense supply pressure present at this resistance reverted the price by 17% and breached the $0.067 support.

The TRX price rebounded from the $0.062 mark and rose for three days. Today, the coin experienced a significant inflow and retested flipped resistance($0.067). The buyers attempted to breach this resistance earlier today, but the sellers undermined their motive, displaying long-wick rejection.

Thus, closing below the $0.067 mark will continue this correction and dump the altcoin to the bottom support trendline. However, if buyers defend this support, the coin price would trigger another bull cycle.

Technical indicator

DMAs: The 20, 50, and 100 DMAs moving sideways accentuates a range-bound rally in TRX price. The coin price trading above these DMAs may stall the ongoing correction.

Vortex Indicator: Despite a bearish crossover, the VII+ and VI- didn’t offer a significant spread weakness in the bearish momentum.

• Resistance level- $0.067 and $0.071
• Support levels- $0.057 and $0.050

From the past 5 years I working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. raech out to me at brian (at) coingape.com

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.