TRX Price Prediction: Will TRX Cross $0.0672 Level?

The TRX price was in a bullish trend during the start of 2023 and made a high $0.072 level and fell 23.91% which made the price fall to $0.05745 level. The price on the daily time frame is bullish and is approaching the resistance level at $0.06700. If the price can break above the immediate resistance, there is an easy target for the price to reach $0.07000 level.

The TRX price made a low with a long wick pattern at the price level $0.04526 which indicated short covering and started to take support, multiple times, at $0.049 level. The TRX price was facing strong resistance from the $0.055 level but the bulls took control and pushed the price higher for a sharp rally as the price surged to $0.07307.

The price needs to break to rally again, close and sustain above $0.072 level, with $0.065 level acting as a support for the price. The market cap of TRX has also increased as price started to surge.

Technical analysis of TRX

The RSI curve is currently at 53.78 on a daily basis as bulls started to push prices up. The price took support at $0.06500 level to again retest the $0.0672 level. The RSI curve crossed the median line positively indicating bullish sentiment in the market. On a 4 hour basis, the RSI curve crossed the median line with a strength of 56.17. The price is consolidating on the 4 hour and has not shown any confirmation for any bearish or bullish move. Since the beginning of April, the price has been consolidating between the price range of $0.065 and $0.067.

The price might be bullish but the -DI is currently above the +DI with an ADX of 22.72 on the daily basis. The ADX is gradually increasing for the price and would reach higher if we are able to break the $0.065 level. In 4 hours the ADX has absorbed the current price action as +DI has reached above the -DI with ADX of 6.26, which is low as price reaches primary resistance.

The price has reached the upper band of the bollinger. If the bulls have pushed the price upward through the resistance, it is possible for the price to stay on the upper band.

Conclusion

The price action as well as the market structure of TRX is bullish, but investors should wait for better confirmation before entering the markets. At this point of time, there are no clear signs in the price as it has been consolidating for too long.

Technical levels:

Major support: $0.065

Major resistance: $0.0672

Disclaimer:

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