- TRX coin shows strong rejection at the resistance trendline of the parallel pattern
- The TRX/BTC pair was trading at 0.00000189 BTC with a loss of 3.55%
- The 24 hr trading volume in TRX is $1.32 Billion
The TRX coin price seems to be traveling in a falling parallel channel pattern in the daily time frame. As the price resonates between the two key resistance and support trendlines of this pattern, on Monday, the price showcased another attempt to break out from the overhead resistance trendline only to fail and give a shooting star pattern promoting the continuing pattern.
About the EMA’s, the TRX coin is trading below all the crucial EMA’s 20, 50, 100, and 200, indicating an excellent bearish trend formation and should act as valid resistance if the price tries to move higher. As for the 20 EMA, which is acting as a strong dynamic resistance will be the first line of defense for bears.
The RSI value is at 46, which indicates a slightly bearish to neutral sentiment in the market. In addition, investors can plot RSI in their chart to see the strength of the bears if the price is reversed from the trendline.
TRX Coin Crypto Chart In The 4hr Time Frame
The 4hr time frame chart of the TRX coin shows a clear rejection from the trendline, which coincides with the $0.0067, resulting in the price being red today. Currently, the price is at $0.0062 with an intraday loss of 2.45%. Thus, by following this pattern, the price should plunge till the support trendline.
The MACD indicator shows a bearish crossover between the MACD line and signal line and is also on the verge of crossing the neutral zone confirming the bearish momentum. In addition, the switch in the histogram from declining green faded bar to rising red bars indicates a shift of momentum from bullish to bearish.
Conclusion: From the technical perspective, the overall market sentiment of the coin is bearish, and following the pattern should plunge 30% till it reaches the below support trendline creating an excellent short opportunity for Tron traders.