The (TRON)TRX price witnessed a sudden 13% pump on April 21st, as founder Justin Sun revealed plans to launch a decentralized algorithmic stablecoin-USDD. The announcement spiked the coin price to the local resistance of $0.0716; however, the buyers couldn’t manage a breakout. Today, the altcoin is down by 4.79% and may retest the reclaimed EMAs for support.
Key points
- The TRON chart displays morning star forming in the weekly chart
- The 200-day EMA stalls the price recovery
- The 24-hour trading volume in the TRON coin is $3.78 Billion, indicating a 242.8% gain
Source-Tradingview
The recent correction phase in the crypto market had plunged the TRX price to the $0.058 support on April 11th. This support zone initiated the march rally and pumped the coin to the $0.0751 mark.
Thus, history repeated itself, and the TRX price rebounded from this support with an inside day candle. The new reversal rally got a strong push from the launch announcement of decentralized stablecoin-USDD and encouraged a significant inflow.
The bull run tagged the $0.0751 resistance level but provided a closing below the neighboring resistance level of $0.0716. The sellers put more pressure on TRX price resulting in a 4.77% today, where it currently trades at $0.067.
The potential reversal may face multiple resistance on the downside mounted by the regained EMAs(20, 50, 100) and $0.064 support.
However, the price action has maintained a sideways rally since the December-January bloodbath, and a bullish breakout from the $0.083 resistance is needed to confirm a genuine bull run.
Technical indicator
The TRX price is struck between the 200-day EMA resistance and the 100-day EMA support. Moreover, the rising 20-day EMA performs a bullish crossover with a 50-day EMA, which may assist buyers in pushing the price higher.
The RSI slope showed a considerable yet relatively shorter jump than price action. The bearish divergence between the April 1st and April 21st hits some weakness to the bullish momentum
- Resistance level- $0.0716 and $0.075
- Support levels- $0.063 and $0.058
Disclaimer
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.
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Source: https://coingape.com/markets/tron-price-prediction-trx-price-needs-0-083-breakout-for-a-sustained-rally/