- The RSI shows substantial bearish divergence concerning the coin’s price action
- The TRX/BTC pair was trading at 0.000002078 BTC with a gain of 4.69%
- The 24hr trading volume in TRX coin is 2.2 Billion
Starting from mid-august, the TRX coin went into a minor consolidation phase to take a break from the strong rally that began from the $0.05 mark. Anyway, with the rise of the new month, the bulls are back into the game and have already provided an excellent long opportunity with the breakout of a crucial resistance of $0.101.
The EMA’s show that the TRX coin is in a strong bullish trend, as the price trades higher than the critical EMA’s 20, 500, 100, and 200, the price is above the critical EMA. The chart also shows that the 20 EMA provides strong support for the coin.
The RSI value is 73 (BULLISH), indicating a bullish sentiment for the TRX coin. The RSI line does show some bearish divergence from the price action, suggesting weakness in the bullish momentum.
TRX Coin Crypto Chart In The 4hr Time Frame
The TRX coin in his 4hr time frame chart has provided a closing above the $0.101 mark and is currently going through a retest phase. This retest candle can offer an excellent entry opportunity and also confirm the validity of this breakout.
The TRX traders can also use the traditional pivot levels on the chart, as they provide a remarkable confluence with the SR levels, providing an extra edge when trading.
The moving average convergence/divergence indicator (BULLISH) shows the MACD and the signal line are moving above high above in the indicator chart, indicating strong bullish momentum.
Conclusion: From the technical perspective, the TRX coin continues with its rally after taking a short breakout. And as mentioned, the coin’s price has given a decisive breakout from a $0.101 resistance attracting the crypto trader for another long entry opportunity. The traders need to wait for the price to show sustainability above this level to have a proper confirmation.