TRX’s price is seeing an increase of 0.75% in the last 24 hours.The Investor’s sentiments have been positive for the past few months and TRX’s price is trading on an overall bull trend since mid-November. The price has been respecting the trendline for the past 7 months. The current alt rank of the TRON coin is 25th and it has a total market cap of $6.2B.
However at present after breaking above the consolidation price of TRX according to the oscillators is treading near the overbought levels. According to this a correction in the near future is due.
The TRX price made a bullish breakout (Daily Timeframe)
Source: TRX/USDT by TradingViewRecently, the price of TRX broke out of its consolidation channel as was indicated in the previous analysis. The price has been consolidating within a parallel channel for over a month therefore the making of a bullish breakout was said to be long overdue.
The chances of a breakout being made in a bullish direction were also estimated to be more prominent despite the historical price action as the price was trading in the demand zone above the major EMA’s. Though the strength of the breakout is not significant. The price is expected to make a retest before the continuation of the trend.
Technical Analysis of TRX Price ( 1 Day Timeframe )
Source: TRX/USDT by TradingView The price of TRX is overwhelmed by the bears across most of the major cryptocurrency exchange platforms. If the does not gain buyers’ support from current levels it can see a decline of 5 – 7% in the upcoming weeks.
After consolidating near the median line for the past two months The RSI line has recently crossed above the 50 points and 14 SMA. The present value of RSI is 60.48 points and the 14 SMA line is 53.67 points. If the RSI crosses above the median line with the strength it will give a bullish indication for the price though presently it is indicating a retest through 14 SMA.
Presently, the Stochastic RSI is preparing for a reversal from the overbought zone on the daily timeframe.
Conclusion
According to analysis, the TRON price has recently broken above the consolidation seeing a slight increase within 24 hours. Ociltors are indicating a slight bearish correction in the near future however the price has important support zones below it. The price can gain buyers’ support from its next support level hence it can be estimated that the long-term trend of TRX price is bullish.
Technical levels –
Support -$0.06000
Resistance – $0.07000
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.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
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