- Tron (TRX) price broke an ascending triangle pattern on the 4-hours price chart.
- TRX price is trading below the 20-day exponential moving average on the daily price chart despite a high-low formation.
- Tron coin price with bitcoin is up 4% in green zone at 0.000003153 satoshis.
Tron (TRX) investors received a trend reversal signal during a bullish trend on the daily price chart. However, TRX bulls are looking aggressively for a higher approach after a move back from the 6-month low of $0.04664.
The continued buying momentum of Tron Coin has become a concern for the bears, and they will have to rush to cover their shorts if TRX price allows any bulls to drive away from current levels.
After a limited market, TRX price jumped 6.13% over the previous night. And now it is looking sideways, trading at $0.06434 at the time of writing.
Looking at the 4-hours chart, TRX price broke an ascending triangle pattern today. And the support trend following pattern is still present for the upcoming trading sessions.
Meanwhile, according to CMC data, the market capitalization of the Tron (TRX) token is only $50 million and has reached $6 billion. Nevertheless, the price of Tron coin pairing with bitcoin is in the green zone by 4% at 0.000003153 satoshis.
On the 4-hours chart, TRX price started moving above the green signal zone of the Super Trend indicator. Furthermore, TRX price is still in the red zone (sell zone) of the Supertrend indicator on the daily price graph.
20 EMA still to be breached
Despite the recovery, TRX price is trading below the 20-day exponential moving average on the daily price chart. The bulls are aiming to reclaim this area as soon as possible.
Similarly, the Stoch RSI favors the bulls as it is still moving upwards.
Conclusion
The bulls are barely managing the price of Tron (TRX) above the support level and continue to push the price higher. But near the 20 EMA, the bulls are likely to bounce back.
support level – $0.046 and $0.040
Resistance level – $0.067 and $0.090
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss
