- TRX Token advances to rise above inside the ascending triangle in the 4-hour timeframe
- The coin price struggles to halt the downtrend as it hinges above the daily 200 EMA.
- The pair of TRX/BTC is trading at the level of 0.000002112 BTC with an intraday growth of 5.15%.
TRX Token grows with the short term uptrend inside the bullish pattern of the 4-hour technical chart. The coin price has recently seen a boost in the buying volume but with no noticeable upside implies underlying bearishness in the price.
Presently, the coin trades at $0.07947, with an increase of 5.21% in the market cap—the token ranks at number 25 with a loss of 14% in intraday trading volume. The volume to market ratio of the coin is 0.2355.
TRX Token Continues The Effort To Enter In The Recovery Mode
TRX token price manages to halt the downtrend started after the rejection from the $0.15 level. The coin price managed to rest above the 200 EMA and created a bullish structure, hoping to recover the dip. The crypto asset has seen a decline in intraday trading volume despite some burst of buying pressure in the shorter time frame.
The coin price faces resistance from the $0.08 level, and the $0.10 level waits to push it down if the pattern breaks out. The levels of $0.06 and $0.04 below the triangle remain to provide support in case of a fallout.
The 50 EMA (yellow) is above 200 EMA (white) but continues to slope down, projecting the possibility of a death cross in the daily timeframe. The coin price found support from the 200 EMA, but a bearish crossover will result in the continuation of the fall.
The relative strength indicator trading at 43 is bullish, with the slope spiking up with enough space to move even higher before reversing from the oversold zone. However, a fallout will result in a prompt reversal of the RSI line.
ADX indicator trading at 30 implies a stagnancy in the trend momentum as the ADX line is moving sideways.
Conclusion: TRX Token is inside a bullish pattern, but the pattern’s breakout is opposed with the 50 EMA coupled with the death cross possibility. Investors may benefit by waiting for the triangle to give a decisive move in either direction.
Support – $0.6 and $0.04
Resistance – $0.08 and $0.10