TRX Price Analysis – Another Bullish Attempt For $0.075 Breakout

Another attempt from TRON (TRX) buyers to surpass the crucial resistance zone at the $0.075 mark stands against formidable selling pressure. Considering the increased recovery momentum helps the daily candle close above the supply zone, a boom in buying pressure will be observed. But will buyers undermine the selling pressure or is it just another failed attempt to trap naive buyers?

Key points

• The TRX price has increased 4.16% in the last 24 hours. 
• The TRX market value surpasses the 200-day EMA.
• The 24-hour trading volume in the TRON coin is $1.029 Billion, indicating an 8.10% hike.

Source-Tradingview

The TRON (TRX) price showcased a phenomenal bullish reversal in the first week of April accounting for a 38% jump. The bullish surcharge reached $0.085 before succumbing to the increased selling pressure over the market and the LUNA incident.

The downfall undermined the bullish recovery within four days and reached the 50-day EMA. At this bullish support, the TRX prices stabilized and shows constant attempts from buyers to surpass the $0.075 resistance zone.

However, the evening star forming in the 4-hour chart leads to a higher price rejection in the daily candle. This lowers the possibility of a bullish breakout and indicates a higher likelihood of a sideways shift in price trend.

Moreover, the falling trend of the intraday trading volume reflects a high number of high-leveraged positions exiting during the reversal. This removes points from the bullish attempt theory as the breakout candle must showcase high volume support to sustain the prolonged uptrend.

Looking from a bearish point of view, a downslide below 50-day EMA will unleash trapped momentum resulting in a fall to $0.065.

Technical indicator

Source-Tradingview

The crucial daily EMAs indicate a higher likelihood of a golden crossover as the 50-day EMA grows under bullish influence.

Coming to the momentum indicators, the MACD and signal lines surpass the zero line with a bullish alignment in the 4-hour chart. 

• Resistance level- $0.074 and  $0.088
• Support levels- $0.057 and $0.053

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.