Tron price formed double bottom, Is the TRX price bottom out?

• Tron price formed a double bottom pattern on a higher timeframe.
• TRX price displayed a golden crossover showcase uptrend.
• Tron price sustained above 50 and 200 day EMA.

Tron price structure is very stable and consolidating in a narrow range in the hope of upward range expansion. Buyers tried multiple times to break the $0.07000 hurdle but got rejected shows bears are dominating in the supply zone. Therefore, $0.07000 will act as an immediate hurdle in the coming days. 

TRX price displayed golden crossover and price is sustaining above the 200 day EMA showcase positional trend is in upward direction. Tron price witnessed profit booking in the past month but buyers succeeded to defend the support level and bounce back. It indicates responsive buyers are active at lower levels and downside seems to be limited. 

Tron Price is trading at $0.06598 with an intraday decline of -0.18%. The 24 hour volume to market cap ratio is 0.0286. The pair of TRX/BTC is trading at 0.00000242 with an intraday rise of 0.41%. The chart structure of the TRX/BTC pair is also forming a double bottom pattern. It indicates buyers are returning back to bullish track and getting active on both the pairs. At the mid of February, Tron price picked up momentum and attempted to break the $0.07000 hurdle. Sadly the up-move was not sustainable and prices failed to hold the higher levels. 

Tron price formed a strong base

Tron Price witnessed profit booking and got corrected 24% approx from the swing high at $0.07305. At the mid of March, the overall market sentiment improved which positively impacted the majority of Altcoins. 

TRX price took support near $0.05492 and formed a bullish hammer candle. Later, prices bounce back with a strong momentum and succeed to regain the 50 and 200 day EMA. Tron price entered into narrow range consolidation and showed signs of base formation. Till buyers are holding the price above both the EMAs the probability of the upward range expansion remains high. The technical analysis suggest, Tron price is in uptrend and any short term correction will have the possibility of bouncing back from the lower levels. 

Tron Price: Technical outlook

Tron price forming a Doji candle on a weekly timeframe shows prices lack direction. The next directional move will be visible when price breakout either side of the range. Till then prices are expected to consolidate for some more time. The technical indicators like MACD is sloping sideways indicating prices likely to trade range bound. Moreover, the probability of the sharp up-move or down-move remains low. The RSI 50 at neutral territory denotes a balance between bullish and bearish positions.

Conclusion

Tron price is stuck in a narrow range and showing signs of base formation. TRX price recovered well from the swing low and sustaining above the 200 day EMA showcase uptrend. The technical analysis suggests, Tron price is in bulls grip and downside seems to be limited. 

Technical levels

Resistance levels : $0.07305 and $0.08000

Support levels : $0.05492 and $0.04540

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 other advice. Investing in or trading crypto assets comes with a risk of financial loss.