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TRX Technical Analysis: With $0.70 Retest, Buyers Plan A Takeover

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TRX Technical Analysis: With $0.70 Retest, Buyers Plan A Takeover

TRX coin price retraces to the $0.70 mark to retest the rounding bottom breakout. Should you expect a post-retest reversal to the $0.085 mark?  Key technical points:

  • TRX prices have decreased by 1.39% in the past 24 hours.
  • In addition, the MACD indicator shows a high possibility of a bearish crossover.
  • Finally, the 24-hour trading volume of Tron is $1.20 Billion, marking a 30% rise.

Past Performance of TRX

The TRX coin price projects a parabolic reversal from the $0.055 resulting in a rounding bottom pattern with a neckline at $0.070. Furthermore, the bullish reversal accounting for 25% within two weeks broke above the neckline and the 200-day EMA. However, sellers overtook the trend control resulting in the retest.

TRX Technical Analysis: With $0.70 Retest, Buyers Plan A Takeover

Source-Tradingview

TRX Technical Analysis 

TRX coin price action shows a bearish engulfing candlestick touching the support zone at $0.070. However, the increased selling momentum increases the possibility of the price falling under $0.070. The crucial daily EMAs (50, 100, and 200-days) maintain a bearish alignment, but the evident reversal increases the chances of bullish crossovers.  RSI Indicator: The RSI slope falls from the overbought zone, and the 14-day SMA increases the possibility of a failed retest. Hence, the RSI slope may shortly reach the halfway mark. MACD Indicator: The MACD and signal lines project a high possibility of a downtrend as they lose bullish spread. Hence, the indicator reflects an increase in selling pressure. The TRX technical analysis projects a high likelihood of price succumbing under the $0.70 mark.

Upcoming Trend 

The TRX coin price shows a retest in action, but the increased bearish momentum warns of the possibility of the price falling under $0.070.  Hence, traders must wait for the price action confirmation to show lower price rejection to increase the chances of post-retest reversal. Support Levels: $0.068 and $0.063 Resistance Levels: $0.075 and $0.085


Source: ethereum.today

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