- The RSI line has shown a steady fall in its value
- The TRX/BTC pair was trading at 0.0000024 BTC with a gain of 2.03%
- The 24hr trading volume in TRX coin is $1.86 Billion
After making a high till the 0.12 on 15th September, the remarkable rally for the TRX coin entered into a retracement phase. However, for a minor pullback, the coin price has fallen more than what was expected by the coin buyers and has plunged to the crucial support of $0.1. Furthermore, the price has recently taken good support from the 100 EMA line and tried to break the overhead resistance. however, a possibility of an evening pattern candle suggests otherwise
The EMA’s show that the TRX coin is in a solid bullish trend, as the price is trading above the trend defining EMA’s 100 and 200. In addition, the 20 EMA is proving good resistance to the coin price
The RSI value (BEARISH) is at 45, indicating a bearish sentiment in the TRX coin.
TRX Coin Crypto Chart In The 4hr Time Frame
The TRX coin shows the formation of a double top pattern in the 4hr time frame. The neckline for this pattern is the 200 EMA. This pattern could provide a great entry opportunity to crypto traders for a quick short trade. Moreover, the TRX trader can also use the traditional pivot level, providing remarkable confluence with the chart’s SR levels.
The moving average convergence/divergence indicator (BEARISH) shows that both the MACD and the signal line are moving below the neutral area(0.00), indicating bearish momentum in the TRX coin. Moreover, these lines also seem to be on the verge of giving a bearish crossover, providing a great confirmation for the above pattern.
Conclusion: The technical outlook for the TRX coin is still bullish. However, the current price action shows a reasonable possibility for price dropping to the lower level, where the nearest strong support for this coin would be $0.814.