- TRX coin price broke out of the bullish peanut pattern at $0.109181.
- The relative strength index (RSI) has reached the overbought region.
Launched in 2017, by the Tron Foundation, the Tron (TRX) is an operating system based on decentralized blockchain. Earlier, the TRX tokens were ERC-20-based tokens on Ethereum after that, they moved to their network. The platform was built to create a decentralized internet and serves as a tool for developers to create decentralized applications.
Balanced Returns of TRX Coin Price Making it Sustainable
The TRX coin price has surged almost 200% from the $0.049584 extreme demand level during the one-year trading session. During this rally, the price made some important levels that can be used to describe the next potential movements.
Initially, the TRX coin price broke above the $0.070582 resistance level in February 2023. The Sellers failed to maintain resistance on that level which intrigued many buyers they started taking long positions near the $0.049584 support level.
As a result, the price moved upward by making multiple swing highs to the $0.094587 resistance. Unfortunately, the sellers took their positions on that resistance but failed due to the massive buying that happened from the 200-Day EMA.
That resulted in the breakout of the $0.094587 resistance level which was responsible for the formation of a bullish peanut pattern. Currently, the TRX coin price is sky-high after the breakout of that pattern. The 24-hour trading volume has increased by 4.77%, ranking 26th out of 8,827 active cryptocurrencies.
Technical Analysis of the TRX Coin Price
The TRX coin price has been above the 50-Day EMA and the 200-Day EMA since February 2023 after the bullish crossover reflecting an uptrend. The 200-Day EMA has become a major support and the 50-Day EMA is a minor support for the price.
On the other hand, the TRX coin price has given a breakout from the bullish peanut pattern at $0.109181. The price delivered more nearly 25% after the breakout and the last active entry of sellers has registered at the $0.123500 level.
At press time, the price is moving toward the $0.180182 major resistance level. In the last few trading sessions, the TRX coin price has made some bullish candles from the $0.123500 level. It may reach the $0.180182 resistance after a major pullback.
The RSI is showing strong bullish momentum in favor of the Bulls reflecting positive sentiments. The RSI slope is at 85.72 in the overbought region above the 70-mark upper band.
Technical Levels
- Resistance Levels: $0.153385 and $0.180182
- Support Levels: $0.109181 and $0.090992
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto assets comes with the risk of financial loss.
