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Cryptoknowmics 2022-07-04 11:24:44

TRX Technical Analysis: Tron Prices Ready To Break Above 200-day SMA

TRX price action shows growing bullish influence over the sideways trend teasing a potential price jump above 200-day SMA. Key technical points: The TRX prices attempt to cross above the 200-day EMA. The price action shows a high likelihood of a breakout rally reaching the $0.075 mark. The 24-hour trading volume of Tron is $614 Million, indicating a rise of 34%. Past Performance of TRX The TRX price action shows that increased supply inflow in June dropped the market price to the $0.055 mark. However, the sharp V-shaped reversal has kept prices above the psychological level of $0.050, leading to a sideways trend above $0.063. The sideways trend shows a possible double bottom pattern formation with the 200-day SMA acting as a dynamic neckline. Source- Tradingview TRX Technical Analysis The price of TRX has increased by 3.47% in the last 24 hours, leading to a bullish-tailed candle yesterday, above the $0.060 threshold. But, the prices decline today, leading to a reversal from the 200-day SMA, reflecting an increase in supply. The MACD indicator shows a bullish trend approaching the zero line, which increases the chances of the lines crossing into the positive territory. Moreover, the RSI indicator shows a gradual increase in the underlying bullishness as the RSI slope sustains above the 14-day SMA but struggles to surpass the halfway line. Hence, the technical indicators showcase a growing buying pressure. In a nutshell, the TR...

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