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Tron Price Analysis: TRX Coin Enters A Retest Mode After The $0.107 Level Breakout

Sahil Suresh Mahadik by Sahil Suresh Mahadik
September 13, 2021
in News
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Tron Price Analysis: The Tron Voin Showcased an Attempt To Break Out From The $0.083 Mark
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  • The RSI shows significant bearish divergence concerning the coin’s price action
  • The TRX/BTC pair was trading at 0.000002369 BTC with a loss of 3.51%
  • The 24hr trading volume in TRX coin is 3.79 Billion
Source- TRX/USD on Tradingview

As mentioned in my previous article on TRX coin, a positive tweet from the founder of Justin Sun resulted in the coin price surged 17% in its intraday session, providing a candle closing above a crucial resistance level of the $0.107 mark. As for today, the price has entered a retest phase, where its price is currently trading at $0.104, with an intraday loss of 6.68%. The TRX traders should wait till the coin price sustains above the breakout level to get a proper entry in this coin. 

Regarding the EMA’s, the TRX price trades higher than the critical EMA 20-50, 100, and 200, indicating a solid bullish trend for this coin.

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The RSI value (BULLISH) is at 77, indicating a bullish sentiment in the TRX coin. However, The RSI line shows a bearish divergence from the price action, indicating weakness of the bullish momentum.

TRX Coin Crypto Chart In The 4hr Time Frame

Source-  TRX/USD on Tradingview

The TRX coin in its 4hr time frame chart offers a clear picture of its retest phase and provides an early signals opportunity for its trader. The coin is currently getting good support from the traditional pivot level P with a tweezer bottom candle. This candle pattern could provide the entry opportunity in this coin.

The moving average convergence/divergence indicator (BULLISH) displays a bearish crossover respecting the retest’s price action. However, both the MACD and the signal line are still moving high above the neutral zone, indicating a strong bullish momentum in this coin.

Conclusion: From the technical perspective, TRX coin indicates an excellent strong bullish outlook for the Crypto traders interested. And as mentioned above, the breakout from the $0.107 resistance triggers an excellent opportunity in this bull rally. Therefore, the long traders can expect a decent target of 1-2 pivot levels with the price showing sustainability above the broke-out resistance. 

Support– $0.107

Resistance– $0.128

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Sahil Suresh Mahadik

Sahil Suresh Mahadik

Sahil focuses on Indian markets. However, as a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies. Sahil believes the crypto universe is a growing market with a plethora of hidden potential, and he wants to grow with it. Some other hobbies he has are reading books, playing Table Tennis, swimming, etc.

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