- 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
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.
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
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.