TRX Price Analysis: TRX Price is Trading Near The Supply Zone

TRX price is currently trading at $0.0638 while seeing a change in 24-hour trading volume of 23%.

TRX price is seeing a decline of 0.38% in the last 24 hours.

TRX price is predicted to see a decline in the near future.

TRX’s price has been trading under the influence of the bull for the last couple of months. But as per the ongoing price action, the sellers might start stepping in. The TRX price, after taking support from the $0.04500 price, started trading on a bullish trend while making a higher high and higher low pattern. Tron price is seeing a good increase in trading volume, indicating that there is an increase in trading activity between the buyers and sellers.

After taking support from $0.0452, the TRX price made a bullish hammer candle pattern and started moving within a consolidation while giving narrow movements.

The TRX price made a breakout while crossing above the resistance level of $0.0550 and gained 22% of its value back. However, after consolidating for a few months between early Jan and early March, the buyers refused to support the price and thus, it made a sharp downturn of 23% percent.

The TRX price is consolidating around the supply zone on the (Daily Timeframe)

After its bearish downfall of 23%, the price made a bullish hammer pattern and with buyers’ strong support, it made an extremely bullish candle pattern. TRX price saw a bullish rally of 20% and started consolidating in the supply zone around 50 EMA. After facing rejection, the price made a correction of 14% percent. As of now, the price is making an engulfing bullish candle pattern.

The overall market sentiments are currently moving in the greed zone, according to the greed and fear index, near 59 points while seeing a decline of 7 points within the last week where the market sentiments were around 64 points. According to Alternative(dot)me, the TRX price is currently being dominated by the bears across most of the major cryptocurrency exchange platforms.

The RSI line is currently at the median line on an up trend at 48.29 points. It is facing resistance from 14 SMA which is at 48.82 points while making a downward curve which suggests that it might make a reversal soon.

Technical levels –

Support – $0.0600

Resistance – $0.0690

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.