- TRX Token price is falling within the descending triangle with declining trading volume.
- The coin price trades just below the 200 EMA, with a bearish crossover of 50 and 100 EMA occurring shortly.
- The TRX/BTC pair trades at 0.000001836 BTC with an intraday growth of +2.52%.
TRX Token price resonates within the short symmetrical triangle with increasing bearishness in the 4-hour technical chart. The coin price is facing a decline in the intraday trading volume for the past few weeks, implying a strong upcoming move.
Presently, the coin trades at $0.07097, with an increase of 1.60% in the market cap—the token ranks at number 25 with a gain of 16.60% in intraday trading volume.
What Is TRON (TRX)?
TRON is a blockchain-based network that aims to popularize and make the tech suitable for daily use. TRON claims that the network is capable of performing 2,000 Transactions Per Second(TPS).
TRON can be best described as a decentralized platform focused on content sharing and entertainment.
TRON planned its goal into phases. These phases include
- Delivering simple distributed file sharing,
- Driving content creation through financial rewards,
- Enabling content creators to launch their tokens and
- Decentralizing the gaming industry.
TRON Network is also one of the most popular blockchains among developers for building Dapps.
TRX Token Resonates Within Triangle Below Significant EMAs
TRX token price has managed to avoid any further downfall after falling from the $0.15 level. The coin price is trading below 200 EMA, increasing bearish sentiments that might result in the fallout of the triangle. The crypto asset has seen a decline in intraday trading volume, growing investors’ chances of observing a big move upon pattern breakout.
Upon a bearish fallout, the levels of $0.06 and $0.04 might push the price back up, projecting a buy the dip moment for investors. However, in case of a bullish breakthrough, the levels of $0.08 and $0.10 could push the price back down.
The 50 EMA is below the 100 EMA, with the 200 EMA above all projecting a bearish alignment. The coin price has yet failed to close above the bearish influence of the EMAs. Investors might find an entry point if the coin price breaks above the 100 EMA.
The relative strength indicator generates a bullish signal, as the slope spikes up with space to move even higher before reaching the oversold zone. However, a fallout will result in a quick reversal of the RSI line.
ADX indicator trading at 15 implies a loss in trend momentum as the ADX dips and falls even lower.
Conclusion: TRX coin price is trading within a double-edged pattern, but the bearish outlook of the technical indicators poses a fallout of the triangle. Investors must wait for the retest of the breakout before entering the trade.
Investors should lookout to buy the dip moment near the $0.06 and $0.04 levels in case of a bearish breakout.
Support – $0.06 and $0.04
Resistance – $0.08 and $0.10