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TRON Price Analysis: TRX Token Price Retest The Triangle Upon Bearish Breakout, Downtrend To Start Shortly

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  • TRX Token price retests the recently breached symmetrical triangle projecting downtrend to start shortly.
  • The 50 slopes into the 200 EMA projecting high probability of a death cross
  • The TRX/BTC pair trades at 0.000001929 BTC with an intraday growth of +17.32%.
tradingview

TRX Token price recently gave a bearish breakout of a symmetrical triangle in the daily technical chart. The coin price is currently retesting the breached triangle projecting the start of a downtrend.

The coin price recently saw a boost in buying volume during the retest giving hopes of an uptrend but the massive underlying bearishness coupled with the sloping market resists the uptrend possibility.

The TRX token price is valued at $0.06562, with an intraday growth of 17% in the market cap. Furthermore, the intraday trading volume has jumped 15% in the past 24 hours. As a result, the coin dominates 0.34$ of the market, making its place among the top 25 crypto coins. 

TRX Token Price Opposed By Solid Correction line

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TRX token price has increased almost 30% within the past 48 hours, supported by increased trading volume. However, the coin price faces opposition from a strong resistance trendline that might soon push back the bulls and reinstate the downtrend.

The coin price moves below 200 EMA and might soon fall below the 50 EMA, increasing bearish sentiments coupled with the triangle fallout. Therefore, investors may find it beneficial to avoid any bullish entry in the current market state.

The relative strength indicator provides a bullish signal, as the slope moves up with space to move even higher before reaching the oversold zone. However, upon successful retest of the triangle, the RSI may dip.

ADX indicator implies a loss in trend momentum as the ADX dips and continues to fall even lower.

Conclusion: TRX coin price is facing bearish opposition in major timeframes, projecting a fall soon. The coin price may quickly hit the low of $0.024 before finding any support.

Support  – $0.024

Resistance – $0.08