TRX price could be ready for a short-term relief rally as the price breaks out from the downtrend, creating more bullish sentiment for a recovery.
TRX looks strong on both low and high timeframes.
The price of TRX breaks out on the daily timeframe after forming a descending triangle.
Tron (TRX) has struggled to remain bullish against tether (USDT) after seeing its price rejected from a region of $0.11 on several occasions to trend higher. Tron (TRX), despite being loved by the Tron community, the token has had its fair share of the current bear run coupled with the rumors of its decoupling from its pegged fiat token USSD. With the current market looking more promising ahead of more relief bounces from altcoins, we could see the price of Tron (TRX) making moves. (Data from Binance)
Tron (TRX) Price Analysis On The Weekly Chart
The new month has come with more relief for most crypto projects, with altcoins, such as BTC, ETH, and even XRP, continuing to show strength after weeks of downtrend movement.
The price of TRX has struggled to remain bullish, falling from a high of $0.11 to a weekly low of $0.05, with the price looking more stable as the price looks ready to bounce off from this region.
After hitting a bottom low of $0.05, the price of TRX bounced swiftly from that region as the price rallied to a high of $0.07 as the price faced more rejection to flip this region into a support zone for TRX price.
The weekly price for TRX closed bullish ahead of a new week, with the price opening with a more bullish sentiment. If the price of TRX continues to maintain this structure, we could see a retest of the $0.1 area.
Weekly resistance for the price of TRX – $0.1.
Weekly support for the price of TRX – $0.06.
Price Analysis Of TRX On The Daily (1D) Chart
On the daily timeframe, the crypto market cap price remains bullish, holding the support at $850 billion ($850B); this has helped most altcoins, including the price of TRX, as it shows more strength to rally. The price of TRX broke out of its descending triangle on the daily timeframe, with the price ready for a rally to $0.1-$0.11.
Haven reclaimed the 8 and 20-day Exponential Moving Averages (EMA) after flipping this into support for TRX price. We could see the price rallying high if the BTC remains stable. The price at $0.061 corresponds to the values of 8 and 20-day EMA acting as support.
Daily resistance for the price of TRX – $0.07-$0.1.
Daily support for the price of TRX – $0.06-$0.055.
Featured Image From zipmex, Charts From Tradingview
