- TRX Token price has recently given a bearish breakout of the symmetrical triangle formed in the daily technical chart.
- The coin price is trading below all the critical EMAs, projecting only bearish outcomes.
- The TRX/BTC pair traded at 0.000001834 BTC with an intraday fall of -3.10%.
TRX Token price was resonating within a symmetrical triangle after facing rejection from the $0.10 mark. However, the increasing bearishness has led to the fallout of the symmetrical triangle.
The crypto asset seems to be under total control of bears as all the technical indicators and the price action project a downfall. The coin price may soon hit the low of $0.025 as the selling pressure grows.
Presently, the TRX coin is valued at $0.05951, with a fall of 6.82% in the market cap. The selling pressure could be associated with the rise of 33% in intraday trading volume—furthermore, the token ranks at number 25 with a capture of 0.32% in the crypto market.
TRX Token Bearish Breakout Leads To Increasing Selling Pressure
TRX token price falls out of the symmetrical triangle pattern formed in the daily technical chart. The coin price has breached the 200 EMA along with the symmetrical triangle promoting underlying bearishness. The coin price has been facing a declining trading volume, but the recent panic selling has caused a boom in trading volume.
The bearish outcome of the triangle may find support from the levels of $0.06 and $0.04 that might push the price back up, but analysts expect a sideways movement rather than a bull run.
The bearish crossover of 50 and 100 EMA threaten the investor with a high possibility of a death cross shortly. All the critical EMAs in the daily technical chart are in bearish alignment, projecting no scope for a bullish reversal.
The relative strength indicator implies a bearish signal as the slope falls and dives deeper into the oversold zone.
ADX indicator implies a sudden increase in trend momentum as the ADX slope rises.
Conclusion: TRX coin price has given a bearish breakout of the triangle, projecting a bearish trend to continue. The technical chart of the crypto asset projects no bullish sentiments, warning investors to avoid any bullish entry.
Support – $0.06 and $0.04
Resistance – $0.08