The 2nd half of November month eliminated all the gains the TRX coin gathered throughout October. With this current price fall, the coin lost around 33% and plunged to the previous higher low of $0.081. However, the coin cost is attempting to recover from this assistance, targeting at the overhead resistance of $0.123
Secret technical points:
- The TRX cost obtains vibrant resistance from the 20-EMA line
- The intraday trading volume in the TRX coin is $1.68 Billion, indicating a 6.44% loss
< img src="https://s3.tradingview.com/snapshots/q/qeHCIDpD.png"alt= "TradingView Chart"/ >
Source-TRX/USD chart by Tradingview The last timewhen we covered the TRX/USD, the coin price was trying to retest the previous swing high resistance of $0.123. However, the price couldn’t offer a proper breakout from the overhead resistance and rather dealt with extreme pressure and started another retracement phase.
With this bearish turnaround, the coin rate began dropping lower and ended up losing 33% in almost one month. Anyhow, the rate was plunged to the $0.082 mark and is currently trying to get correct assistance from this level.
The essential EMA levels(20, 50, 100, and 200) states a bearish belief of this TRX given that its cost is trading below the trend specifying 100 and 200 EMA. Moreover, the 20 EMA provides dynamic resistance to this coin and provides a bearish crossover with the 200 EMA.
The Relative Strength Index( 45) shows a slight neutral or bearish sentiment as its line moves listed below the neutral zone.
TRX/USD 4-hour Time Frame Chart
< img src="https://s3.tradingview.com/snapshots/0/03ss7CuA.png"alt="TradingView Chart"/ > Source-TRX/USD chart by Tradingview
The TRX coin initiates a bullish turnaround from its $0.08 support and is currently trying to recover the closest horizontal resistance level of $0.09 and the 200 EMA. However, As pointed out, the coin has another barrier of dynamic resistance of 20 EMA, and the rate needs to knockout this level too to better verify a rally.
The post Tron Price Analysis: The TRX Coin Preparing For The Recovery Phase With Eyes On The $0.123 Mark appeared first on Coingape.