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Tron Price Analysis: TRX Token Tries Another Attempt To breakdown From Its Consolidation

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  • TRX coin gives a breakdown from the $0.661 support level
  • The XRP/BTC pair was trading at 0.00001905 BTC with a loss of 1.23%
  • The 24 hr trading volume in TRX coins is $899.05 Million.
Tradingview

In the daily time frame, TRX Coin was moving in a small consolidation right after the sudden fall that happened in May, price tried multiple attempts to break out from this small consolidation having its key resistance ( also 0.618 FIB level) and key support as 0.66. And it is trying the same. Currently, the price is trading at 0.06434, with an intraday loss of 7.34%. If today’s price sustains below this level, we can expect the price to drop to the $0.055-0.05 mark.

Regarding the EMA’s, TRX coin is trading below all crucial EMA’s 20, 50, 100, and 200, confirming a strong bearish trend. In addition, investors can also see a death crossover of between 50-100 EMA. With this, they can see that the 20 and 200 EMA are also on the verge of giving another death crossover, supporting the bearish momentum.

 The RSI (BEARISH) value is at 38, indicating bearish sentiment. However, investors can see that the RSI line slope is not as steep as the price, indicating some weakness in the bear’s strength.

TRX Coin Gives A Breakdown From The Descending Triangle Pattern

Tradingview

The 4hr time frame chart of the TRX coin gives a strong breakdown from the descending triangle pattern on the back of the strong volume. Investors can wait for a retest to confirm the validity of the breakdown and for a better Risk to Reward ratio.

The MACD indicator (NEURAL) shows both the MACD line and the signal line moving near the neutral zone(0.00), currently indicating neutral momentum in the market participants. Also, the constant crossover of these lines around the neutral zone from the past few weeks suggests a sideways market. 

Conclusion: From the technical perspective, the price has just given a breakdown from crucial support of 0.066, providing a short opportunity till the 0.055-.0.05 mark once price shows sustainability below this level.

Support– $0.055

Resistance– $0.66